Banking in the Arab Gulf by John R. Presley

By John R. Presley

This learn displays the present country of banking within the Arab Gulf and job within the region's monetary markets. The booklet covers Saudi Arabia, Kuwait, Bahrain, Oman, Qatar and the United Arab Emirates. every one bankruptcy examines improvement of business banking, financial coverage and the position of the crucial banks, and the position of specialised monetary associations. The position of Gulf finance in overseas monetary markets can be thought of, including the involvement of Western banks within the Gulf. The monetary weather within the Arab Gulf has replaced significantly in recent times reflecting fiscal and political improvement. The recession led to by means of the oil expense falls of the Eighties is now over, and the proposed finishing of the Gulf conflict has introduced new self belief. Uncertainties stay notwithstanding, and the region's monetary associations were compelled to consolidate and adapt to the hot weather. All of those matters are mentioned during this e-book.

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Unfortunately Riyad Bank did not have a very prudent early existence; in its bid to out-perform NCB its loan portfolio proved too adventurous; in 1964 it had to be rescued by SAMA, which has since maintained an equity stake (38 per cent) and has had representation on its Board of Directors. Riyad Bank and NCB continue to dominate commercial banking in the Kingdom even today. They have over 50 per cent of all bank branches in Saudi Arabia (excluding Al Rahji Investment Banking Corporation), assets in excess of SR 31 bn and a combined staffing level of over 11,000 employees.

7 bn to SR 74 bn, with total assets exceeding SR 190 bn by 1989. What, of course, has not been so consistently expansionary is the level of profits of all of the commercial banks for the reasons outlined in Chapter 1. All banks made large provisions for bad debts in the mid-1980s on a loan portfolio which had imprudently accelerated too much in the euphoria of economic expansion in the late 1970s and early 1980s. On the liability side, commercial banks have been the natural home for much of the private and corporate saving generated by the oil boom of the 1970s.

Such is the general acceptance of the Saudi riyal today that it is one of the 16 currencies that define the IMF's Special Drawing Right (SDR), a generally accepted unit of account throughout the world. SAMA was established in 1952 with wide, but not at that stage comprehensive, functions normally associated with most western central banks. Its Charter called upon it to 'strengthen the currency of Saudi Arabia and to stabilise it in relation to foreign currencies'. Primarily it was set up to prevent losses resulting from exchange-rate fluctuations, to hold the country's foreign reserves, to buy and sell gold and silver coinage for the government and to regulate the commercial banks, exchange dealers and money-changers.

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