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Banks and companies provide 6.2% of small business finance in Saudi Arabia

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Finance - Banks and companies provide 6.2% of small business finance in Saudi Arabia Empty Banks and companies provide 6.2% of small business finance in Saudi Arabia

Post by rocky on Mon 02 Sep 2019, 4:10 am

Banks and companies provide 6.2% of small business finance in Saudi Arabia

Finance - Banks and companies provide 6.2% of small business finance in Saudi Arabia 16889




Economy News - Baghdad
The monthly statistical bulletin issued by the Saudi Arabian Monetary Agency «SAMA» (the central bank in the country), the stability of financing rates of SMEs and micro-enterprises in the country by the banking sector and finance companies, at 6.2% of the total size of the facilities provided, This came during the second quarter of this year, which is the same proportion of the amount of funding that took place in the first quarter of this year (2019).
According to these figures, these financing rates are higher than last year's levels (2018), which demonstrates the keenness of the public and private sectors to increase the contribution of SMEs to the local economy.
On the other hand, in terms of maturity of loans provided by local banks to natural persons, which are made for personal and consumer needs and for non-commercial purposes, the SAMA bulletin showed that most of these loans are long-term, then short-term, and then medium-term loans.
According to the monthly statistical bulletin issued by `` SAMA '', the value of sales through the points of sale in Saudi Arabia during the month of July 2019 increased by 19 per cent to reach a total value of about 22.77 billion riyals ($ 6 billion), compared to 19.18 billion riyals (5.11). Billion dollars) during the same period in 2018.
According to the monthly bulletin of the Saudi Arabian Monetary Agency (SAMA), these sales were carried out through 129.7 million transactions, and about 404.2 thousand devices, while the operations at the points of sale represents what consumers spend via ATM cards and credit cards in large shopping malls, retail stores, pharmacies and others .
Cash withdrawals from ATMs in July fell slightly by 0.4 per cent to 63.15 billion riyals ($ 16.84 billion), compared to 63.42 billion riyals ($ 16.91 billion) in July 2018. The cash withdrawals were made through 18.8 thousand ATMs of the operating banks and the Saudi network, and through 182.2 million transactions.


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