1999 News Story

Saudi banks are preparing for Y2K

Chairman of the Saudi Arabian Monetary Agency (SAMA) Dr. Hamad Al-Sayyari announced

yesterday that Saudi banks have made considerable progress in readying themselves to face

the millennium bug. Addressing the international cooperation group for the year 2000 in

Jeddah yesterday, Dr. Sayyari said that SAMA itself and the various banks in the Kingdom

had set aside money to tackle the problem. The two-day meeting is discussing ways of

minimizing the risks from Y2K and of preparing contingency plans. Attending were 200

delegates from Saudi Arabia, Turkey, Jordan, the United Arab Emirates, Iran, Bahrain,

Zambia, Oman, Palestine, Qatar, Kuwait, Lebanon, Libya, Egypt, Morocco and Yemen, and

representatives from financial institutions in Europe and the United States.