"Saudi Arabia’s economy was robust in May. Indicators of consumer spending maintained solid growth in May leading to record highs for both cash withdrawals and point of sale transactions, according to a report by Jadwa Investment.
The report said annual growth in bank lending to the private sector remained solid in May, though the additional credit issued during the month slowed compared with previous month. Bank holding of treasury bills pushed bank lending to the public sector higher.
Bank deposits rose for the third consecutive month in May, pushing the year-on-year growth to its highest level since June 2009. Bank excess deposits at SAMA (Saudi Arabian Monetary Agency) remained high while loan-to-deposit ratio was broadly unchanged in May, giving scope for further lending growth."
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