The liquidity crisis in Saudi Arabia is gaining momentum. To mitigate the situation, the central bank of the country Saudi Arabian Monetary Agency issued preferential loans to local banks, media reports. In total, of the Central Bank has issued annual loans under the preferential rate worth $4 billion for a period of one year. Analysts said the liquidity crunch in the banking system of the kingdom arose partly because of the actions of the authorities. Foreign exchange earnings reduced significantly amid a sharp decline in oil prices, and the local currency riyal pegged to the dollar.

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