Saudi banks raise investment in government bonds to $106.72bln in February

Riyadh – Banks operating in Saudi Arabia have raised their investments in government-issued bonds by 20.7% year-on-year (YoY) or SAR 68.81 billion during February 2020.

Saudi banks' investments in bonds reached SAR 400.2 billion in February, compared to SAR 331.39 billion during the same month of 2019, according to data by the Saudi Arabian Monetary Authority (SAMA).

On a monthly basis, the banks' holdings of bonds climbed by SAR 13.5 billion or 3.5% in February from SAR 386.69 billion a month earlier.

The Saudi Ministry of Finance (MoF) closed the 20 February issuance under the Saudi Arabian Government SAR-denominated Sukuk programme, with a total value of SAR 4.496 billion.

It is noteworthy to mention that in January 2020, Saudi banks purchased bonds of SAR 386.69 billion, up by 20.67% year-on-year (YoY) from SAR 320.46 billion in the same period of 2019.