RIYADH: Credit facilities for Saudi Arabia’s small business sector increased in June in a sign of its growing importance to the Kingdom’s economy.
The latest monthly bulletin from Saudi Central Bank showed a 10.12 percent month-on-month rise of credit given for micro, small, and medium enterprises, with the increase from finance companies registering at 9.3 percent.
Credit given to the mining sector rose by 2.87 percent, while the amount for the wholesale and retail trade industry went up by 2.58 percent.
Other increases revealed in the bulletin included a 2.63 percent rise in real estate loans given by banks, indicating a healthy housing sector.
Total personal loans grew by 3.95 percent, according to the bank, also known as SAMA.
On a macro level, the total money supply went up by 2.22 percent in June 2023 compared to previous month, while SAMA bills and reverse repurchase agreements went up by 41.84 percent compared to previous month.
When it came to commercial banks, their total deposits increased by 2.03 percent, out of which time and savings deposits grew 6.87 percent.
The total liabilities of commercial banks rose 1.68 percent, while their assets went up by 1.68 percent.
Foreign assets held by commercial banks went up by 8.28 percent, according to the bulletin.
