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.
  

