Corporate Monitor: Saudi private-sector credit growth posts 11.7% rise in Jan - MENAFN - Middle East North Africa . Financial Network

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	MENAFN - 29/02/2012

(MENAFN) The Saudi Arabian Monetary Agency said that in January, private-sector credit growth grew 11.7 percent from a year earlier, recording the fastest rate since May 2009, reported The National.

SAMA added that in the period, deposits increased 12.7 percent on a yearly basis, whereas they grew 0.9 percent from the previous month.

The central bank also said that higher spending on projects from the government and a rise in pay for public-sector workers since 2011 has helped to revive bank confidence in lending.

It is worth noting that Saudi banking system remains in healthy shape as it hasn't suffered from exposure to a weak property market or debt restructuring at firms.



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