Riyadh –Banking deposits in Saudi Arabia rose to a record high in October 2020, marking their third successive rise.
Bank deposits amounted to SAR 1.899 trillion in October, up by 10.9% year-on-year (YoY) from SAR 1.7 trillion in the year-ago month, according to data collected by Mubasher based on official figures from the Saudi Central Bank (SAMA).
Monthly, the kingdom’s deposits rose by 1% or SAR 18.73 billion.
In the meantime, demand deposits returned to growth in October, posting a yearly rise of 12.02% to SAR 1.23 trillion.
Likewise, saving and term deposits grew by 5.3% annually to reach SAR 467.58 billion, whilst other quasi-money deposits jumped by 17.99% YoY to SAR 200.39 billion.
Moreover, bank credit hit its highest level ever after surging by 15.9% YoY to SAR 1.7 trillion. The credit-deposit ratio for October reached 92.07%.
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