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FINANCIAL NEWS
Saudi lending rates increase 15% in 2012 to date
24 Apr 2012
(MENAFN) According to Bloomberg, Saudi Arabia registered the highest growth rate for borrowing costs amongst banks in the GCC at fifteen percent, as the Kingdom’s interbank offered rate, Saibor, went up to 0.89575 percent earlier this week.
The fifteen percent increase was due to the hike in spending in the Kingdom’s current budget which amounted to USD500 billion. The hike in spending led to more demand for loans as well as to banks offering better terms to lure customers.
In addition, US rates this year affected Saibor’s rates, which spread over the London Interbank Offered Rate (Libor), thus increasing by over a hundred percent to 43 basis points.
It is worth mentioning that the global financial crisis which hit back in 2008 had its effect on the pattern of savings all over the world. Customer became more lenient towards demand deposits, which pay no interest but are more liquidated.
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