The bank credit granted to both the public and private sectors in Saudi Arabia has reached a historic SAR2.8 trillion in August 2024, the Saudi Central Bank (SAMA) has revealed.
These figures constitute an 12.1% increase, compared to the year prior, amounting to SAR 305.023 billion. Since the beginning of the year, bank credit has surpassed SAR 203 billion.
Long-term bank credit (for over 3 years) accounted for 47% of the total credit granted, amounting to over SAR 1.3 trillion by the end of August. This type of credit witnessed an annual growth rate of 8.7% percent compared to SAR 1.2 trillion for the same period of 2023.
Medium-term bank credit (from 1 to 3 years) accounted for 15% of the total credit, amounting to about SAR426.384 billion. This constitutes an annual growth rate of 19%, compared to SAR358.757 billion for the same period of 2023.
Meanwhile, short-term bank credit (less than a year) represented 38% of the total credit, amounting to about SAR 1.07 trillion, achieving an annual growth rate of 14% compared to SAR 943.119 billion for the same period of 2023.
The credit granted to both the public and private sectors was distributed over 17 diverse economic activities, contributing to the goals of Saudi Vision 2030.
