SAUDI RIYAL DEPOSIT RATES REMAIN FIRM
Saudi riyal interbank deposits were
steady at yesterday's 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 13-member organisation.
    A traditional Sunday lull in trading due to the European
weekend also contributed to the lack of market activity.
    Spot-next and one-week rates were put at 6-1/4, 5-3/4 pct
after quotes ranging between seven, six yesterday.
    One, three, and six-month deposits were quoted unchanged at
6-5/8, 3/8, 7-1/8, 6-7/8 and 7-3/8, 1/8 pct respectively.
    The spot riyal was quietly firmer at 3.7495/98 to the
dollar after quotes of 3.7500/03 yesterday.
 REUTER
