The Saudi Arabian Monetary Agency (SAMA) is considering further borrowing from the domestic market to plug its growing budget deficit, as oil prices remain depressed. According to a 6 August Financial Times report, bankers say that the kingdom is sounding out demand for the issue of local debt at the rate of SR20bn ($5.3bn) per month until the end of the year.
Last month SAMA’s Governor Fahd al-Mubarak revealed that the government had raised SR15bn ($4bn) in debt from the domestic market to cover the budget deficit in the early part of 2015. (CONTINUED - 369 WORDS)
