By the end of August 2024, Saudi Arabia’s bank credit granted to the public and commercial sectors had risen to all-time highs, totalling more than SR2.8 trillion (SR2,824,780 million).
The Saudi Central Bank’s (SAMA) monthly bulletin states that these numbers represent an expected 12.1 percent annual growth rate, or an increase of over SR305.023 billion over the SR2,519,756 million (more than SR2.5 trillion) at the end of August of last year.
Compared to last July, when bank credit reached SR2,791,301 million (more than SR2.79 trillion), it increased by almost 1.2 percent, or SR33.478 billion, each month. Bank credit has increased by more than SR203 billion since the year began, from SR2,621,726 million (more than SR2.6 trillion) at the end of January.
In order to achieve comprehensive and sustainable economic growth and to meet the objectives of Saudi Vision 2030, the credit that was given to the public and commercial sectors was dispersed throughout 17 different economic activities.
By the end of August, long-term bank credit (lasting more than three years) made up 47% of all credit extended, totalling over SR1,324,161 million (more than SR1.3 trillion). Compared to SR1,217,880 million (more than SR1.2 trillion) for the same period in 2023, such credit grew at an annual rate of 8.7 percent, with an increase of more than SR106 billion.
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