Riyadh: The total bank credit granted to the public and private sectors in Saudi Arabia reached its highest peak at SAR2,883,500 million (over SAR2.88 trillion) at the end of October 2024, as indicated by the monthly statistical bulletin of the Saudi Central Bank (SAMA).
According to Saudi Press Agency, the figures constitute an annual growth rate estimated at 12.5%, around SAR319,571 million (over SAR319 billion), compared to SAR2,563,928 million (over SAR2.56 trillion) at the end of October last year.
Monthly, bank credit saw an increase of about 1.1% or SAR30,361 million compared to September this year, when it reached SAR2,853,139 million (over SAR2.85 trillion).
Since the beginning of the year, bank credit has seen a 10% growth with an increase of around SAR261,774 million, jumping from SAR2,621,726 million (over SAR2.6 trillion) at the end of January.
The credit granted to both the public and private sectors was distributed over more than 17 economic activities, becoming a supportive and reinforcing
factor in achieving comprehensive and sustainable economic growth and contributing to the objectives of Saudi Vision 2030.
Long-term bank credit (for over 3 years) accounted for 48.2% of the total credit granted, amounting to about SAR1,389,388 million (over SAR1.389 trillion) by the end of September. Meanwhile, short-term bank credit (less than a year) represented 36.7% of the total credit, amounting to SAR1,057,077 million (over SAR1.05 trillion) by the end of September. Medium-term bank credit (from 1 to 3 years) accounted for 15.2% of the total credit, amounting to about SAR437,035 million by the end of September.