Riyadh – Mubasher: Deposits of banks operating in Saudi Arabia have decreased by 1.5%, or SAR 24.5 billion, in July, compared to the same month a year ago, the Saudi Arabian Monetary Authority’s (SAMA) monthly report showed.
The kingdom’s bank deposits reached SAR 1.605 trillion in July, compared to SAR 1.629 trillion in July 2017, SAMA’s report added.
Month-on-month, Saudi lenders' deposits inched down 0.6% or SAR 8.9 billion last month.
The year-on-year drop in the GCC nation's bank deposits was ascribed to an 11.7% decline in time and saving deposits, recording SAR 423.6 billion by the end of July, compared to SAR 479.87 billion in the corresponding period a year earlier.
On the other hand, deposits under demand increased 1.9% year-on-year to SAR 1.016 trillion in July, compared to SAR 997.26 billion, while bank credit edged up 0.3%, reaching SAR 1.417 trillion, compared to SAR 1.413 trillion.
On a monthly basis, Saudi bank credit rose 0.26% in July, from SAR 1.414 trillion.
Short-term credit surged 50.3% to SAR 713.64 billion by the end of July, from SAR 713.54 billion in the same month a year before.
Medium-term credit tumbled 6.7%, reaching SAR 235.28 billion during July, compared to SAR 252.28 billion in July 2017.