Riyadh – Mubasher: Deposits at banks operating in Saudi Arabia inched up 0.9% year-on-year, or SAR 14.32 billion ($3.82 billion), to SAR 1.633 trillion ($453.71 billion) in January, from SAR 1.619 trillion ($431.89 billion), the Saudi Arabian Monetary Authority’s (SAMA) monthly report showed.
The rise in deposits was attributed to a 0.9% increase in deposits under demand, reaching SAR 1.034 trillion last month, compared to SAR 1.024 trillion in the same month a year earlier, the Saudi central bank added.
The value of time and saving deposits edged up SAR 1.86 billion or 0.4% to SAR 429.67 billion in the first month of 2019, from SAR 427.81 billion in January 2018.
Quasi-monetary deposits levelled up 1.7%, logging SAR 170.15 billion during January, compared to SAR 167.26 billion in the same month in 2018.
Month-on-month, the value of deposits decreased 1.6% or SAR 27.17 billion in January.
The monthly drop was attributed to 0.35%, 2.1%, and 7.67% declines in under demand, time and saving, and quasi-monetary deposits, respectively.
Bank credit
SAMA’s bank credit rose 2.4%, or SAR 33.85 billion, to SAR 1.422 trillion during January, from SAR 1.389 trillion in the prior-year period.
The increase of the kingdom’s bank credit was attributed to a 13.6%, or SAR 58.33 billion, jump in long-terms loans, logging SAR 487.09 billion, compared to SAR 428.76 billion.
Short-term credit went up 1.3% to SAR 708.87 billion in January, from SAR 699.59 billion during the first month of 2018.
On the other hand, medium-term loans slid 12.9% year-on-year to SAR 226.63 billion in January, compared to SAR 260.38 billion.
On a monthly basis, SAMA’s bank credit inched down 0.2%, compared to SAR 1.426 trillion during December last year.
