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Saudi Arabian Monetary Agency deposits 20B Saudi riyals with banks

Saudi Arabia's central bank has deposited approximately 20 billionSaudi Arabian riyals with banks in the country in an effort to lower borrowing costs,Bloomberg reported Sept. 25.

The Saudi Arabian Monetary Agency released the funds as timedeposits. The central bank is also initiating seven- and 28-day repurchase agreements,according to the report.

As of Sept. 25, US$1 wasequivalent to 3.75 Saudi Arabian riyals.