Amadeusz Juskowiak

Saudi riyal deposit rates remain firm

Saudi riyal interbank deposits were steady at yesterdays higher levels in a quiet market

Traders said they were reluctant to take out new positions amidst uncertainty over whether OPEC will succeed in halting the current decline in oil prices

Oil industry sources said yesterday several Gulf Arab producers had had difficulty selling oil at official OPEC prices but Kuwait has said there are no plans for an emergency meeting of the 13member organisation

A traditional Sunday lull in trading due to the European weekend also contributed to the lack of market activity

Spotnext and oneweek rates were put at 614 534 pct after quotes ranging between seven six yesterday

One three and sixmonth deposits were quoted unchanged at 658 38 718 678 and 738 18 pct respectively

The spot riyal was quietly firmer at 3749598 to the dollar after quotes of 3750003 yesterday