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Banks in Saudi Arabia extended a total of SAR 2.93 trillion ($780 billion) in credit to the public and private sectors by the end of November 2024, its highest level of the year and up by a little over 13% from 12 months prior.
Long-term borrowings, which totalled around SAR 1.42 trillion, represent the bulk of the figure, followed by short-term credit, which amounted to SAR 1.08 trillion, while medium-term loans reached SAR 436 billion, according to the data released by Saudi Central Bank (SAMA).
Bank credit in Saudi Arabia had been consistently rising on a monthly basis, jumping from SAR 2.6 trillion at the beginning of 2024 to its record high in November 2024.
(Writing by Cleofe Maceda; editing by Seban Scaria)