Deposits in Saudi commercial banks reached a record level of SR356.3 billion last year, which reflects an increase of 8.5% (SR28 billion) from the previous year’s SR328.3 billion total, according to the Saudi Arabian Monetary Agency.
Deposits in current accounts increased to SR167.6 billion from SR150 billion in 2002, while fixed deposits rose to SR113.4 billion from SR108 billion the previous year. Semi-monetary deposits and foreign remittances of expatriates amounted to SR75.4 billion.
“The increase in current account deposits, which accounted for 47% of the total, was a major factor in the rise of bank profits,” Asharq Al-Awsat newspaper reported, quoting banking sources. “The rise in deposits also reflected the strength of the Kingdom’s economy, its growing liquidity and an increase in repatriated funds,” the paper said.
According to SAMA, Saudi bank deposits soared from SR783 million in 1963 to SR143.7 billion in 1990, SR197 billion in 1995 and SR263.6 billion in 2000.
Source: SPA
