Saudi banks lending to private sector up SR13bn in April

RIYADH: Saudi bank lending to the private sector increased  by SR13 billion in April to reach SR1.884 trillion ($502 billion) since the beginning of the year, the Saudi Central Bank (SAMA) said in its monthly bulletin.
Net foreign assets decreased to SR1636.2 billion ($436.30 billion) in April, down about 1.9 percent from SR1667.4 billion in March.
“While foreign exchange flows since the start of the year are on average within historical levels, this measure (transfers to PIF) resulted in a reduction in net foreign reserves assets to support investment plans,” Reuters reported citing a statement by Finance Minister Mohammed Al-Jadaan, at the end of May.
The Saudi banking sector has maintained its resilience despite the challenges of the pandemic, with credit growth of 14.8 percent in 2020 compared to 7.6 percent in 2019, Al Arabiya reported.