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Saudi Arabia's bank deposits rise 1.4% in February – SAMA

Saudi Arabia's bank deposits rise 1.4% in February – SAMA
The kingdom’s bank credit levelled up 3.3% year-on-year to SAR 1.435 trillion in February

Riyadh – Mubasher: Deposits at banks operating in Saudi Arabia increased by 1.4% year-on-year, or SAR 22.71 billion ($6.06 billion), to SAR 1.633 trillion ($435.63 billion) in February, from SAR 1.611 trillion ($429.58 billion), the Saudi Arabian Monetary Authority (SAMA) said.

Demand deposits rose 2.4%, or SAR 24.16 billion, reaching SAR 1.032 trillion in the second month of 2019, compared to SAR 1.008 trillion during the same month a year earlier, SAMA’s figures showed.

Time and savings deposits inched up SAR 2.89 billion, or 0.7%, last February, according to the Saudi central bank.

On the other hand, the value of other deposits tumbled 2.5% year-on-year, or SAR 4.34 billion, during February, while quasi-monetary deposits slid to SAR 170.25 billion, against SAR 174.59 billion in the prior-year period.

Month-on-month, Saudi Arabia’s bank deposits edged down 0.02%, or SAR 294 million, in February.

Bank credit 

The kingdom’s bank credit levelled up 3.3% year-on-year, or SAR 46.34 billion, to SAR 1.435 trillion during February, from SAR 1.389 trillion.

The rise of bank lending in the GCC nation was attributed to a 15.9% increase in long-term credit, reaching SAR 503.28 billion, compared to SAR 434 billion in February 2018.

Short-term credit grew 1.9%, or SAR 12.74 billion, to SAR 699.78 billion during February, versus SAR 687.04 billion in the corresponding month of 2018.