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Saudi Borrowing Rate Soars in November as Bank Deposits Drop

  • Three-month interbank rate posts biggest jump since 2008
  • Demand deposits at Saudi banks decline $14 billion in October
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Deep Dive: Saudi Libor Rates, Oil Prices

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Saudi Arabian banks are feeling the squeeze from falling oil prices.

The rate at which banks in the biggest Arab economy lend overnight to each other jumped the most in seven years in November, the fifth straight month of increases, following a slump in deposits the previous month that forced lenders to seek more funds from each other.