SAMA launched a number of programs over the last eighteen month, to support micro, small and medium enterprises RIYADH: A sharp rise in private sector credit has aided the Kingdom"s economic rebound according to Central Bank Governor Fahad Al-Mubarak Money supply grew 6.7 percent in the year to May 2021, to reach about SR2,213.4 billion, while bank deposits grew by 7.5 percent to reach about SR2,001.2 billion, the Saudi Central Bank (SAMA) said in a filing. Bank credit granted to the private sector increased by 16 percent to reach about SR1,840.8 billion. The first quarter results reflect the speed of recovery in the economy, as real non-oil output grew by 2.9 percent and the private sector recorded a growth of 4.4 percent, said Al-Mubarak. Meanwhile, private final consumer spending rose 1.3 percent. The unemployment rate among Saudis also improved, reaching 11.7 percent compared to an average of 12.6 percent quarter-on-quarter, he said. Ongoing economic reforms are delivering results in the form of improved economic performance according to the central bank governor. “The Saudi economy witnessed a remarkable improvement after the Corona pandemic crisis receded, especially after the opening of economic activities, supported by the growth of the non-oil sector in general, and the private sector in particular,” he said. SAMA launched a number of programs over the last eighteen months, to support micro, small and medium enterprises that are still affected by the precautionary measures taken to confront the pandemic, Al-Mubarak said.