Deposits with banks operating in Saudi Arabia recorded a monthly growth in August, after a two-month decline in succession, thus setting a new record in total deposits at 1.866 trillion riyals.
According to the monitoring unit of the reports in Al-Eqtisadiah newspaper, based on the data of the Saudi Arabian Monetary Agency (SAMA), deposits grew in August by about 1.6 percent (29.31 billion riyals) compared to July, while deposits declined in July by 0.3 percent, as well as In June 1 per cent.
On an annual basis, bank deposits recorded a growth of 9.42 percent (160.6 billion riyals) by the end of August 2020, bringing the total deposits to the level of 1.866 trillion riyals, compared to 1.705 trillion for the same period last year.
The annual increase came mainly from the growth in demand deposits during August by about 12.5 percent, as the companies and individuals category grew by 9.2 percent, and about 45.5 percent for the government agencies category.
Saving deposits also registered a growth of 3.8%, while foreign currency deposits decreased slightly by 0.2%.
Deposits with Saudi banks are divided into three main types, which are demand deposits, or as they are known as free deposits, time and savings deposits, in addition to a third type called other quasi-cash deposits, including deposits in foreign currency and deposits against documentary credits and existing transfers, as well as repo operations executed. With the private sector.
Demand deposits account for about 65.8 percent of total deposits by the end of August 2020, while they were about 64 percent for the same period last year.
While savings deposits accounted for about 23.8 percent of total deposits at the end of August, after they were about 25.1 percent for the same period.
Historically, bank deposits grew during the past year 2019 by 7.3 percent, compared to what they were in 2018, registering the highest annual growth in deposits since 2014.
The growth of bank deposits in Saudi Arabia improved for the second year in a row from the lowest annual growth achieved in 2017 “according to available data since 1992”. However, growth rates are still less than the average of the previous ten years, in which growth exceeded nearly 10 percent for the period. Extending from 2005 – 2014.
Economic Reports Unit
These were the details of the news A record level of deposits in Saudi banks … 1.866 trillion... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.
