Riyadh – Mubasher: Deposits at banks operating in Saudi Arabia increased by 1.2% year-on-year to SAR 1.62 trillion ($432 billion) in October, from SAR 1.6 trillion ($427 billion), the Saudi Arabian Monetary Authority (SAMA) said.

Demand deposits, which represent 63% of the total value of deposits rose 2.2% to SAR 1.02 trillion by the end of October, compared to SAR 995.07 billion in the same month last year, SAMA added.

The Saudi central bank further noted that saving deposits tumbled 6.3% year-on-year during October, registering SAR 413.93 billion versus SAR 441.88 billion.

Month-on-month, bank deposits at SAMA decreased 1% last October, against SAR 1.636 trillion.