SOFR reaches over 4-month high near 5%

The three-month Saibor rate rose to 4.97%, marking its highest level in over four months, compared to a monthly average of 4.82%. This increase is attributed to higher costs of unsecured funding among banks, making the cost of liquidity over several months more expensive. However, this does not reflect a severe liquidity shortage or a broader banking crisis. Data indicates that banks are anticipating slower growth in their loan portfolios, which amount to approximately 3.26 trillion riyals, with growth slowing to around 7%. Meanwhile, excess liquidity continues to remain in the market. Additionally, the rise in the Saibor rate, especially for the 3- and 6-month tenors, reflects differences in liquidity conditions among banks, with the ongoing impact of elevated unsecured funding premiums contributing to higher costs, without translating into a comprehensive crisis.

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