Credit extended to SMEs more than doubled in 2018: SAMA governor

Credit facilities extended to small and medium enterprises (SMEs) rose to 5 percent in 2018 from a meagre 2 percent a year earlier, said Ahmed Al Kholifey, governor of Saudi Arabian Monetary Authority (SAMA), the Kingdom’s Central Bank.

Real estate credit facilities grew this year by 7 percent, and accounted for 17 percent of the entire credit granted by local lending institutions, while consumer financing represented 24-25 percent, he added.

Al Kholifey was speaking at a Riyadh forum that discussed different aspects of Saudi Budget 2019 announced yesterday.

He said the Kingdom’s foreign reserves during the first ten months of 2018 crossed the $500 billion, and asserted that the government holds and applies measures to protect the Saudi currency against speculation.