Thursday 29 October 2009

Saudi monthly credit growth comes to halt in Sep

Credit growth in Saudi Arabia almost came to a halt in September compared to August as banks in the biggest Arab economy dealing with a debt crisis of family firms remained cautious, official data showed on Wednesday.

Bank credits were almost flat, reaching 721.6 billion Saudi riyals ($192.4 billion) in September after 721.4 billion riyals in August, the Saudi Arabian Monetary Agency (SAMA) said.

In August credit growth was up almost 2 percent compared to July, the data on SAMA's website showed.

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