Complex Made Simple

Saudi Arabia not interested in buying distressed assets, says c. bank

Muhammad al-Jasser, governor of Saudi Arabian Monetary Agency (Sama) has said the kingdom is not interested in buying distressed or speculative assets such as troubled European debt and gold, and that the kingdom's banks are well positioned to withstand the euro zone crisis, Reuters has reported. "We do not buy specific bonds at all. We have not done it," he said. "We have gold in our reserves but we have not bought and we have not sold it in a very long time. It has become a very speculative asset and we do not get into any speculative assets," he said.