Tuwaijri said. He added that the King also instructed that the Advisory Commission for Economic Affairs, an affiliate of the council, is to monitor the crisis on continuous basis, study its impacts, forge specific proposals to contain it and submit periodical reports on that matter. Al-Tuwaijri said the SEC ratified the following measures: First: Saudi Arabian Monetary Agency (SAMA) manages to continuously monitor the performance of Saudi banks and continue to show keenness on their safety by providing the needed flow of money if deemed necessary. Second: SAMA modifies the restrictions imposed on the provision of liquidity to banks by allowing more reductions in the rate of reserves and reduction of finance costs if necessary. Third: The government continues to guarantee the safety of local banks and bank deposits. Fourth: Ministers of Finance and Governors of Central banks in the GCC member states will be invited to coordinate their positions.
