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Saudi central bank governor expects banks to be ready for Basel II

Hamad Al-Sayari, governor of the Saudi Arabian Monetary Agency (SAMA), said the jurisdiction’s financial institutions can meet the challenge of Basel II implementation at the start of next year.

Speaking at a discussion on corporate governance for banks in Saudi Arabia, Al-Sayari said: “I wish to draw to your attention that SAMA is currently directing the banks in the Kingdom towards the adoption of Basel II Capital Adequacy standard by January 1, 2008. I expect all banks to easily meet the required capital requirements, and this will be positively reflected in fostering the risk

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