- Lending reached $857bn in July
- But month-on-month growth slowing
- Two more rate cuts expected this year
Saudi bank lending hit an all-time high in July although loan growth is slowing as some would-be borrowers await interest rate cuts, according to analysts.
Lending was about SAR3.2 trillion ($857.5 billion) in July, up 0.9 percent on June and 15.2 percent higher than a year earlier, the Saudi Central Bank reported. Yet July was also the third month in four in which month-on-month growth was less than 1 percent.
“Banks have indicated that they expect loan growth to…
