Saudi Arabia, the largest economy in the Gulf Cooperation Council (GCC) region, has over the past few years seen a sharp increase in liquidity in its local currency bond market, driven by government debt sales to cover its fiscal deficit.
So-called GCC NSR are designed to be used by parties in the region for capital markets debt, bank loans, and shariah-compliant obligations issued in GCC currencies by entities within and outside the region, S&P said.
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