Bank deposits in Saudi Arabia recorded a 7.7% growth last February on an annual basis to reach 1.78 trillion riyals, compared to about 1.65 trillion for the same period last year, registering an increase of 126.9 billion riyals.
The growth of deposits during February is the highest in about five years, supported by the growth of deposits of individuals and companies of all kinds, which constitute 74.9% of total bank deposits.
On the other hand, the amount of credit provided to the private sector through banks operating in Saudi Arabia amounted to 1.53 trillion riyals at the end of February of this year, an increase of 9.7% on an annual basis, compared to about 1.396 trillion riyals for the same period last year, and with a net lending of 135.37 billion riyals.
According to SAMA data, the size of bank credit for the private sector in Saudi Arabia recorded the largest annual growth in nearly four years, specifically since April 2016, and the growth of lending is due to the significant drop in interest rates during the past 12 months until February, when the average inter-bank interest rate "cybor” fell about 27 percent.
Source (Al-Arabiya.net website, Edited)
