Saudi banks to increase lending in 2011

20 Jan 2011

(MENAFN) Saudi Central Bank Governor, Al-Jasser, said that Saudi banks would increase lending in 2011 because they had already applied procedures for protection against bad loans and thus banks were ready for growth, reported Arab News.

The governor said that Saudi banks had declared positive financial figures for the year of 2010 beating analysts’ forecasting.

Al-Jasser added that banks in 2011 would provide credit five percent more than that of 2010.

It is worth noting that in 2009, banks were reluctant to giving credit due to Saudi family-businesses’ crisis that led to many cases of debt restructuring.

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