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Saudi Bank Deposits Reach $453 Bn

Saudi Bank Deposits Reach $453 Bn

Thursday, 28 November, 2019 - 11:45
A Saudi money changer displays Saudi Riyal banknotes at a currency exchange shop in Riyadh, Saudi Arabia (File Photo: Reuters)
Riyadh - Asharq Al-Awsat
Saudi bank deposits rose to $453 billion during Q3 of 2019, compared to the same period of 2018, according to recent data released by the Saudi Arabian Monetary Agency (SAMA).

SAMA asserted it will continue its steps in pursuing a monetary policy aimed at achieving price stability, and supporting various economic sectors in line with local and international economic developments. It also indicated that this will support local banks concerning their role in the local economy.

SAMA has encouraged local banks to direct liquidity towards lending and maintain the SR3 billion ceiling of the weekly subscription of local banks, according to the Agency’s report on the monetary and banking development of Q3 2019.

According to the report, the monetary base during Q3 2019 recorded an annual increase of 3.4 percent compared to the corresponding quarter of the previous year, to reach about $85.8 billion.

Commercial banks’ requirements from the private and public sectors recorded an annual increase of 6.7 percent of SR121.4 billion, to reach at the end of Q3 2019 about SR1926 billion.

In part, the report reviewed development indicators in the banking technology sector and registered financial inclusion during Q3 2019 which increased 6.4 percent during this period, based on the statistical analysis of the operations of the Saudi Arabian Riyal Interbank Express (SARIE) system.

With regard to Mada's operations, the number of transactions executed through ATMs during Q3 2019 amounted to 523.2 million, with a total cash withdrawals of SR182 billion, including banking and Mada operations.

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