Monetary update (May 2013): Credit growth continues to rise

SAMA released recently data on monetary indicators for the month of May. All indicators are healthy in the month, as the net credit to the private sector increased 16,5 percent year-on-year, total bank deposits increased by SR17.7 billion, SAMAs reserve assets continued to grow and added SR31 billion, and bank excess deposits with SAMA remained elevated at SR79.9 billion reflecting the strong liquidity of the domestic banks.