Deposits at Saudi banks reach SR1.3 trillion | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.:
"Deposits in the Saudi financial system reached SR1.3 trillion by the end of May, adding SR70.5 billion YTD. Growth in the depositary base continues to provide opportunities to expand the financing capabilities of the banking system, according to a report by the National Commercial Bank (NCB).
The largest portion of deposits are in the form of demand deposits, of which only 8.5 percent are contributed by government entities. Given businesses and individuals' varying need for the most liquid type of deposits, their demand, time and savings, and foreign currency deposits are distributed at 74.1 percent, 17.5 percent, and 8.3 percent, respectively during May.
Meanwhile, the government's long-term priority is apparent as time and savings deposits represent 47.7 percent of their total deposits while demand and foreign currency deposits hold 23.8 percent and 28.5 percent, respectively. Collectively, demand deposits increased by 20.0 percent annually, outpacing time and savings deposits which rose by 7.3 percent Y/Y as interest rates remain low, the NCB report said."
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