Consumers in Kingdom spent a record SR724b in run-up to Ramadan

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Total household spending in Saudi Arabia in the run-up to the holy month of Ramadan has reached its highest levels this year, a section of the Arabic press said on Tuesday quoting a report due to be published within the next few weeks by the Kingdom's central bank. The report by Saudi Arabian Monetary Agency (SAMA) will show that household spending in the Kingdom reached a record SR724 billion ($193 billion) during June and July this year. Secretary-General of the Saudi Banking Information and Awareness Committee Tala'at Hafiz said the rise in spending this year was due to the compounded effect of Ramadan coinciding with the shopping season in Saudi Arabia, which falls in the summer months, and during the summer school break. There is traditionally a surge in retail activity during Ramadan and in the months leading up to it in the Kingdom.

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