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Bank credit in Saudi Arabia up 5.3% in November

Bank credit in Saudi Arabia up 5.3% in November
Bank credit recorded SAR 1.532 trillion by the end of last November

Riyadh – Mubasher: Bank credit in Saudi Arabia grew by 5.3% year-on-year (YoY) by the end of November, increasing by SAR 77.42 billion to SAR 1.532 trillion, compared with SAR 1.455 trillion in November 2018.

On a monthly basis, bank credit increased by 1.5% or SAR 23.32 billion compared with its level in October 2019, according to the most recent data by the Saudi Arabian Monetary Authority (SAMA).

The growth is attributed to the increase in long-term credit, of a period exceeding three years, by 17.9% YoY or SAR 91.16 billion.

Long-term credit amounted to SAR 601.34 billion by the end of last November, compared with SAR 510.18 billion in the same period of the year before.

Similarly, medium-term credit, between one to three years, increased by 1.4% YoY to SAR 231.78 billion.

On the other hand, short-term bank credit, with a period less than one year, declined by 2.4% YoY to SAR 698.86 billion, down from SAR 715.81 by the end of November 2018.