Saudi Arabia’s monetary base is recording double digit growth as banks in the world’s oil superpower are easing lending curbs enforced in the wake of the 2008 global fiscal distress and local debt default problems.
Official data showed the Gulf kingdom’s net foreign assets also surged by at least 19 per cent year on year in August because of strong oil prices.
“On the monetary front, Saudi Arabia continues to record double digit growth figures amidst a globally unstable environment,” National Commercial Bank (NCB) said in a study sent to 'Emirates 24/7'.
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