Saudi bank lending growth slows to a crawl in February | Reuters

Saudi bank lending growth slows to a crawl in February | Reuters:

"Growth in Saudi Arabian bank lending almost halted in February, central bank data showed on Tuesday, with companies holding back from investment in the face of stubbornly low oil prices and concern over government austerity policies. Bank lending to the private sector showed year-on-year growth of only 0.3 percent in February, slowing from 1.8 percent in January and down sharply from the 10 percent registered a year earlier. Bankers say part of the reason for the lending slowdown is that state money is flowing more freely through the economy than it was for most of last year, when the government stopped paying many of its bills as low oil prices took a heavy toll on public coffers."



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