|02-03-2015, 02:02 AM||#1|
December bank lending slows in Saudi Arabia, UAE
The United Arab Emirates (UAE) Central Bank said on Sunday that bank lending growth weakened to 9.5% in December from a year ago, compared with growth of 10.2% in November.
The central bank also said money supply (M3) growth fell to 9.2% in the same month from 11.6% in November.
The Saudi Arabian Monetary Agency (SAMA), the Kingdom’s central bank, also reported a similar decline, as bank lending growth slowed to 11.8% from a year ago in December.
A lot of that slowdown is attributed to the rout in oil prices, with market volatility at its worst in December.
Also, the uncertainty in markets prompted some investors out of the equity markets, which resulted in lower borrowing.
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