Cars drive past the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 30, 2018. REUTERS/Faisal Al Nasser
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Saudi nationals are borrowing two to three times more money than last year as the government moves to shore up public finances push up living costs."Household finances are stretched, so people are turning to credit in order to finance big-ticket expenses such as cars and furniture and day-to-day expenses," said Jason Tuvey, an emerging-market economist at Capital Economics Ltd. in London. Loans to help people put their kids through school or college more than tripled in the first quarter compared with a year earlier, to 3.69 billion riyals ($984 million) from 1.02 billion riyals, according to the Saudi Arabian Monetary Authority.
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