Saudi banks 2009 credit makes first drop in years

Data from the Saudi Arabian Monetary Agency's (SAMA) website has showed that total credit offered by the kingdom's banks fell to its lowest level in at least 13 months in December and closed 2009 with a first annual drop since at least 2001, Reuters has reported. Total credit in the kingdom stood at SR736.9bn at the end of December, down from SR752.8bn in the previous month and SR744.8bn at the end of 2008. Banks claims on the private sector, a measure of banks' confidence in private sector growth prospects, stood at SR734.2bn by the end of December, showing its first month-on-month drop in four months, the data showed.