Saudi bank lending growth slows to lowest in nearly seven years | Reuters

Saudi bank lending growth slows to lowest in nearly seven years | Reuters:

"Annual growth in Saudi Arabian bank lending slowed in January to its lowest level in nearly seven years, official data showed on Tuesday, a sign of weak corporate demand but also improving liquidity in the economy.

Bank loans to the private sector rose just 1.8 percent from a year earlier, compared to 2.4 percent in December, the central bank said. It was the slowest growth since February 2010, when the Saudi economy was still recovering from the global financial crisis.

The sluggish growth shows private companies have little desire to make fresh investments, because of an economic slump caused by low oil prices and government austerity measures."



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