The value of deposits in the banking system in Saudi Arabia increased to about 1.713 trillion riyals by the end of October of this year 2019, up by 4.7 percent, equivalent to 77.45 billion riyals, compared to the end of the same period in the previous year of 2018 amounting to 1.636 trillion riyals.
With the value of bank deposits recorded a monthly growth of 0.8 percent, equivalent to 14.23 billion riyals, when compared to the end of September 2019, amounting to 1.699 trillion riyals.
According to the monitoring unit of the reports in the "Al-Iqtisadiya" newspaper based on the data of the Saudi Arabian Monetary Agency "SAMA", with this increase the deposits of the banking system in Saudi Arabia recorded at the end of October 2019 the highest levels since 1993, which is about 27 years, knowing that they are divided into three sections are "demand deposits", "time and savings deposits" and "other semi-cash deposits".
The rise in the deposits of the banking system in Saudi Arabia is due to the growth of one of its largest components, which are "demand deposits", which also recorded its highest level in 27 years, which constituted about 64.2 percent of total bank deposits.
"Demand deposits" rose on an annual basis by about 79.84 billion riyals to 1.10 trillion riyals by the end of October 2019, after it was worth 1.02 trillion riyals by the end of October 2018.
As for the second-largest items of deposits, "time and savings deposits", they increased by about 25.71 billion riyals on an annual basis, to reach about 443.95 billion riyals at the end of October 2019 compared to 413.23 billion riyals at the end of October 2018.
As for the last items or components of deposits in banks in Saudi Arabia, "other semi-cash deposits", they recorded a decline of 14.2 percent, equivalent to 28.10 billion riyals, to reach their value at the end of October 2019 to about 169.83 billion riyals, compared to 197.93 billion riyals at the end of the same period in the previous year 2018.
It is noteworthy that the number of banks operating in Saudi Arabia is 25, of which 11 are Saudi banks, and the remaining branches are foreign banks operating in Saudi Arabia, while the number of branches in all 2073 by the end of October 2019.
*Economic Reports Unit
