Saudi Arabia (Photo: X)
Riyadh: Time and savings deposits in the Saudi banking system reached their highest levels ever, totaling 889.5 billion Saudi riyals at the end of May 2024.
This marks an annual growth of 23.4 percent, an increase of 168.7 billion Saudi riyals compared to the same period in 2023, which amounted to 698.4 billion riyals.
Data from the statistical bulletin issued by the Saudi Central Bank (SAMA) for the month of May showed that deposits constituted about 31.5 percent of the total money supply in its broad and comprehensive concept, amounting to 2.8 trillion Saudi riyals.
Time and savings deposits grew by 5.6 percent, an increase of 47.2 billion riyals, compared to 842.2 billion Saudi riyals at the end of April this year.
It has recorded a growth of 3 percent since the beginning of the year, with an increase of 25.2 billion Saudi riyals, as it was at 846.3 billion Saudi riyals at the end of January 2024.
According to the data, the monthly average for the current year of the level of time and savings deposits amounted to about 855.58 billion Saudi riyals.
This post was last modified on July 3, 2024 12:27 am