Saudi Arabia has reached its highest-ever levels of bank credit, latest figures show, the Saudi Press Agency (SPA) reported.
According to the statistical bulletin of the Saudi Central Bank (SAMA), these figures constitute an annual growth rate estimated at 12.1 per cent, an increase of about SAR 305.023 billion compared to SAR 2,519,756 million (over SAR 2.5 trillion) by the end of August last year.
Monthly, bank credit saw an increase of about 1.2 per cent or SAR 33.478 billion compared to last July, when it reached SAR 2,791,301 million (over SAR 2.79 trillion). Since the beginning of the year, bank credit has seen growth surpassing SAR 203 billion, jumping from SAR 2,621,726 million (over SAR 2.6 trillion) at the end of January.
“The credit granted to both the public and private sectors was distributed over 17 diverse economic activities, becoming a supportive and reinforcing factor in achieving comprehensive and sustainable economic growth and contributing to the goals of Saudi Vision 2030,” the SPA reported.
It added that medium-term bank credit (from 1 to 3 years) accounted for 15 per cent of the total credit, amounting to about SAR 426.384 billion. This constitutes an annual growth rate of 19 per cent or more than SAR 67 billion, compared to SAR 358.757 billion for the same period of 2023.
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