Every indexed document

to avoid straining the banking sector liquidity

without the creation of additional liabilities.

option would be for banks to accept IOUs as deposits. Contractors would

though this could likely ease domestic liquidity.

in our view. The government will be able to conserve fiscal

construction was one of the fastest growing sector

and recently a high-profile domestic contractor has made mass

and is considering to issue ""I Owe You' notes (IOUs) to them. Contractors would

the Saudi government has paid contractors some cash on its

in our view. Resolving this is likely to

domestic liquidity is likely to remain structurally tight

etc) Likely forthcoming Direct and indirect negative impact on consumer

but economic slowdown and supply-side factors impact negatively

according to local press. A likely target is likely to be

they will also take into account wage levels

but it would avoid additional Fx outflows despite still having a

taxes and levies. It is unclear that the NTP target can be met

and lead to annual additional Fx outflows

a CAGR increase of 7.4%. This would squeeze corporate profits

in the event higher labor costs are not reflected in higher