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Saudi banks add SAR 74.54bn to gov’t bonds ownership in August

Saudi banks add SAR 74.54bn to gov’t bonds ownership in August
The kingdom plans to issue SAR 118bn bonds in 2019

By: El Sayed Gamal

Riyadh – Mubasher: Saudi banks increased their government bond holdings by 25.6%, or SAR 74.54 billion, year-on-year in August 2019, according to recent data released by the Saudi Arabian Monetary Authority (SAMA).

Saudi banks’ holdings of government and semi-government bonds jumped to SAR 365.3 billion in August, compared to SAR 290.76 billion in the corresponding month a year earlier.

Month-on-month, the kingdom’s bank investments in government bonds went up 1.89% or SAR 6.77 billion during the eighth month of the year.  

It is worth noting that the GCC nation plans to issue bonds worth SAR 118 billion during 2019 in a bid to finance the budget deficit of the current fiscal year.

 

Translated by: Muhammad Abdul-Wakeel