Monday, May 27, 2024
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In February, Deposits at Saudi Banks Grew by 10.26%

RIYADH The total deposits held by Saudi banks in February came to SR2.54 trillion ($677 billion), up 10.26 percent from the same month the previous year, according to official figures. According to the analysis of the Saudi Central Bank’s data, the gain was mainly driven by a 26 percent annual rise in time and savings deposits, which totaled SR838.53 billion.

Over this time, other quasi-money climbed by 7.57 percent to reach SR352 billion, while consumption reserves expanded by 2.85 percent to SR1.25 trillion.

Saudi Arabia, meanwhile, has managed inflation with fantastic tenacity and consistency. Strong government policies designed to protect the economy have been implemented with determination, contributing to the success. But because the nation’s currency is tethered to the US dollar, the central bank carefully monitors changes in the Fed’s interest rates.

During this period, term deposits from people and corporations saw the immense growth, with the segment growing by 36% to reach SR450 billion. Governmental organizations, on the other hand, recorded an increase of 16.4%, to SR388.15 billion. Despite the increase in bank deposits, the growth in loans has exceeded the liability side, putting pressure on the support for the expanding local economy.

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