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Saudi bank lending down as business concerns grow
- Saudi Arabia: Sunday, June 28 - 2009 at 09:59
Loans given by Saudi banks to the private sector fell for a third straight month in May to SR725bn ($193bn), their lowest level since August 2008, according to data from the Saudi Arabia Monetary Agency (Sama). It was the sharpest month-to-month drop since January, as concern mounts about the financial security of some family run businesses in Saudi Arabia. The data also showed that the annual growth of money supply, as measured by the broadest M3 measure of money circulating the economy, was 16.9% in May, down from 18.3% in April.
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StaffSunday, June 28 - 2009 at 09:59 UAE local time (GMT+4)
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