Saudi injects $3bn into banks, guarantees deposits

Saudi Arabia's Supreme Economic Council has offered guarantees for bank deposits in the world's top oil exporter, the central bank governor, Hamad Saud al-Sayyari, said on Monday.

The Saudi Arabian Monetary Agency had added about $3 billion in US dollar liquidity into bank deposits in the past two weeks, Sayyari told reporters in the capital city, Riyadh.

"There is not even one (bank) close to confronting problems," Sayyari said.

There was no need for fear over the safety of bank deposits, he said. 

The economic council, Saudi Arabia's highest economic body, said on October 16 the government would "continue to ensure the health of Saudi banks and bank deposits".