Saudi Arabia .. The financing of imports of auto it increases by 15% to 17.34 billion riyals

The volume of financing from Saudi banks for private sector car imports since the beginning of questyear until the end of last July was about 17.34 billion riyals, compared to 15.1 billion riyals in the same period of 2020, recording an annual increase of 15%.

According to data from the Saudi Arabian Monetary Agency (SAMA), The volume of bank financing for private sector car imports He witnessed a recovery questyear, with the volume of funding during the period having its highest level since 2016, according to the newspaper Al-Eqtisadiah.

The volume of loans disbursed by banks for the import of auto “documentary credits and papers in collection “for the same period of 2016 amounted to 23.4 billion riyals, while the loans for the same period in 2019, 2018 and 2017 ranged between 14 and 12 billion riyals.

Last year, the prices of auto in Saudi Arabia rose by 9.6%, according to the price index of auto approved by official government agencies, knowing that this increase is the second in a row, after a slight increase in 2019.

Private sector bank-funded car imports accounted for about 22.4% of total bank-funded import financing, which is 20.3% higher than the same period.

The banks’ total financing for private sector imports was about 77.3 billion riyals in the first seven months of questyear, an increase of 4.1%.

As for the rest of the sectors, the financing of food imports from the private sector increased by 35.1% to reach 11.73 billion riyals, while the financing of building materials declined slightly over the period of about 2%, of 7.34 billion riyals.

This increase is consistent with the growth of Saudi imports during the first half of questyear, which grew 9% year on year, after the return of global economic activity, which was affected by the outbreak of the Corona virus.

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