Lending in Saudi Arabia increases 21%

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Lending to consumers by Saudi banks increased 21 percent last year compared with 2011, the kingdom's central bank said.

Lending increased to SAR292bn ($78bln) in 2012 from SR 242.24 billion ($64.5bln), the Saudi Arabian Monetary Agency said.

SAMA's Governor Fahad al-Mubarak said last week he was not concerned about inflation and current bank lending rates, saying that credit growth was in the private sector is consistent with the central bank's policies and described inflation as "tolerable."

Lending in the first month of the year increased 15.9 percent, down from 16.4 percent in December.

Inflation is forecast at about 4.6 percent in 2013, according to the International Monetary Fund, compared with 4.9 percent the year before.

The kingdom's economy is projected to grow 4.2 percent this year, slowing from about 6 percent in 2012, according to the Washington-based organization.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Should the Gulf introduce VAT?

Should the Gulf introduce VAT?

The GCC’s plans to bring in value-added tax were withdrawn as...

5
Why are some of the world's biggest banks leaving the UAE?

Why are some of the world's biggest banks leaving the UAE?

Large Western banks have been selling off their local assets...

2
How Gulf banks are helping to underwrite region's aviation boom

How Gulf banks are helping to underwrite region's aviation boom

Figures from Airbus show that 47% of MidEast aircraft deals in...

2
Most Popular
Most Discussed