Private-sector credit growth in Saudi Arabia accelerated at its fastest rate in more than two and half years last month as the kingdom's banks benefit from government injections of cash into the economy.
Expansion rose 11.7 per cent compared with January last year, its fastest rate since May 2009.
Credit growth grew 1.7 per cent last month compared with December last year, according to data from the Saudi Arabian Monetary Agency. "This is reflecting liquidity in the banking system and a strong balance sheet of banks," said Khatija Haque,a senior economist at Emirates NBD.
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