Saudi Arabia Cuts Interest Rates
The central bank of Saudi Arabia reduced key policy rates by 50 basis points to help boost banking sector liquidity.
Charging or paying interest is forbidden by the Sharia, which, technically, should be the law that governs the Kingdom.
Saudi Arabia is feeling the effects of the international financial crisis. One of the country’s flagship development projects, King Abdullah Economic City, is definitely feeling the pressure from the drying up of investments.
Bo-yun Liu
