Weekly Market Brief – 5/5/2023

Saudi Arabia Macroeconomic Developments

• Banks in Saudi Arabia reported an aggregate profit of SAR7.43 billion ($1.98 billion) in March, up 23.2 percent YoY according to the latest data from the Saudi Central Bank (SAMA).

• Consumer spending during March grew by 6 percent, reaching SAR120.6 billion ($32.16 billion) mainly due to elevated Point of Sales (POS) transactions in Riyadh, Makkah and Madinah based on data from SAMA.

• SAMA raised interest rates by 25bps in line with the U.S. Federal Reserve Bank as it seeks to counter inflation, the 10^th consecutive rise since March 2022.