Riyadh – Mubasher: Deposits at banks operating in Saudi Arabia increased by 1.5%, year-on-year, or SAR 24.28 billion, to SAR 1.624 trillion in November 2018, from SAR 1.599 trillion, the Saudi Arabian Monetary Authority’s (SAMA) data showed.

The growth of the kingdom’s deposits was attributed to a 2.8% rise in demand deposits, reaching SAR 1.026 trillion in November 2018, from SAR 998.34 billion in the same month a year earlier, the Saudi central bank added.

Quasi-monetary deposits levelled up 2.29% year-on-year to SAR 175.47 billion in November, from SAR 171.54 billion.

On the other hand, time and saving deposits decreased by 1.7% to SAR 422.33 billion by the end of November, from SAR 429.76 billion in the prior-year period.

Month-on-month, the Saudi central bank’s deposits inched up 0.2% last November, from SAR 1.620 trillion.

Bank credit

SAMA’s credit rose 2.2% year-on-year, or SAR 31.29 billion, in November 2018, registering SAR 1.437 trillion from SAR 1.406 trillion.

The increase in bank lending was ascribed to a 14.3% growth in long-term credit, reaching SAR 504.43 billion, compared to SAR 441.36 billion.

Short-term credit edged up 0.3% to SAR 707.42 billion by the end of November 2018, from SAR 705.32 billion in the same month of 2017.

Medium-term credit went down 13.1%, logging SAR 225.51 billion, compared to SAR 259.39 billion.

Source: Mubasher

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