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Gulf central banks may store trouble with loose policies
Ultra-low interest rates contrast with strong growth as the IMF warns that Gulf needs to be ready to adjust policy but weak markets and private sector growth need low rates.
November 10, 2011 4:44 by Reuters
…so central banks would probably have to absorb funds with issues of certificates of deposit or Treasury bills.
“The central bank in Saudi was active when the bonuses for public sector workers were paid earlier this year. You saw fairly aggressive issuance of Treasury bills in order to mop up liquidity in the banking sector,” Gamble said.
Qatar’s central bank has been issuing T-bills with maturities ranging from three to nine months to drain excess liquidity from the banking sector.
Central bank governor Sheikh Abdullah bin Saud al-Thani told Reuters last week that he had no plan to raise monthly issuance from the current 2 billion riyals ($550 million) for now. (By Martina Fuchs; Editing by Andrew Torchia)