Saudi Monetary Authority Pumped Some of $13B Bank Infusion Using Blockchain

Saudi Monetary Authority Pumped Some of $13B Bank Infusion Using Blockchain

Riyadh, Saudi Arabia (Credit: Shutterstock/Andrew V Marcus)

The Saudi Arabian Monetary Authority (SAMA) has distributed cash to local banks over blockchain.

On Monday, the central bank it had deposited “part” of a recent banking sector liquidity pump through “blockchain technology” after injecting ($13.3 billion) into local banks on June 1.

At the time, SAMA said banks maintained an average Liquidity Coverage Ratio (LCR) of 201%, meaning Saudi banks had more than enough cash on hand to cover short-term obligations.

The banking sector’s average Capital Adequacy Ratio – essentially a measurement of – was at 18.6%, placing the banks in line with the Kingdom’s of between 18 and 20%.

SAMA did not disclose which banks received liquidity injections over blockchain or how much of the overall package SAMA had pumped across the blockchain. Furthermore, it did not state what blockchain platform it had used. 

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