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Meanwhile, Saudi Stocks Crash Near 7 Year Lows

Sunday, October 2, 2016 22:14
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(Before It's News)

zerohedge.com / by Tyler Durden / Oct 2, 2016 9:45 PM

Despite the Deutsche-driven bounce in Western markets on Friday, the ‘panic in The Kingdom’ that we highlighted earlier in the week is accelerating fast. Following demands from officials for banks to reschedule loans to clients affected by last week’s decision to cut salaries and bonuses for state employees, Middle-East bank stocks are collapsing and Saudi’s Tadawul Index is back near its 2009 lows

The weakness – despite crude strength – was driven by Saudi Arabia’s central bank decision to direct local lenders to reschedule the consumer loans of clients affected by last week’s decision to scrap the bonuses and allowances of many state employees. As Bloomberg reports,

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The post Meanwhile, Saudi Stocks Crash Near 7 Year Lows appeared first on Silver For The People.

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