Saudi bank lending jumps on mortgages, Aramco IPO boosts money supply - Reuters:
Annual growth in Saudi Arabian bank lending to the private sector rose at its highest pace in years in December, boosted by mortgages, while the proceeds of Saudi Aramco’s initial public offering lifted money supply, official data showed.
The world’s biggest oil exporter is aiming to boost the private sector and diversify its revenues, but will likely see its growth curbed this year because of sliding oil prices and crude output cuts agreed with OPEC allies.
Bank lending to the private sector SALOA=ECI grew 7% year-on-year in December, the central bank said this week, the highest annual growth rate since October 2016.
Annual growth in M3 money supply SAM3=ECI, the broadest money supply measure, jumped 7.1% year on year – the highest in over four years – with some analysts saying the spike was partly due to proceeds coming from the IPO of state oil giant Aramco.
No comments:
Post a Comment