Riyadh: Savings and time deposits in the Saudi banking system reached an all-time high of SAR949.708 billion by the end of 2024, recording an annual growth rate of 10 percent, with an increase of SAR85.638 billion compared to SAR864.069 billion at the end of 2023. At that time, savings and time deposits stood at approximately SAR698.436 billion.

These deposits accounted for 32.5 percent of the total broad money supply, which amounted to around SAR2.921 trillion.

According to the Saudi Central Bank’s statistical bulletin for December 2024, savings and time deposits grew by 0.3 percent quarter-on-quarter, increasing by SAR2.824 billion by the end of the fourth quarter, compared to SAR946.866 billion at the end of the third quarter of the same year.

From January to December 2024, savings and time deposits grew by 10 percent, rising by more than SAR85 billion. These deposits reached their highest monthly level by the end of November 2024, totaling SAR989.986 billion.

The average monthly balance for savings and time deposits in 2024 stood at approximately SAR908.268 billion.