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FINANCIAL NEWS
Saudi public, private sector loans reach SR1.43tr
21 Nov 2016
(MENAFN) Total bank credit posted an annualized 7.9 percent in August this year, maintaining momentum despite the deceleration.
Last year, total credit growth averaged 9 percent, contrasting with 9.2 percent in the months leading to August since the beginning of the year.
However, the growing pressure on the Saudi economy and the banking system led the government to reduce public sector salaries up to 20 percent.
Meanwhile, total banks loans to both the public and private sector excluding securities reached SR1.43tr of which 96.7 percent lent to private sector.
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