As one of the essential variables in determining the future of lending, deposits in the Saudi financial system are more than adequate to accommodate the rising credit market and its potential. The depositary base of Saudi banks has reached SR 1.27 trillion during January, according to the latest SAMA (Saudi Arabian Monetary Agency) bulletin, a rise of 13.7 percent over the same month last year.
Representing the largest portion of deposits, demand deposits have increased their share to 60.2 percent by an annual gain of 15.5 percent. Businesses and individuals have added 11.9 percent Y/Y to their demand deposits while government entities amassed a staggering 87.8 percent on annual basis. The suppressed interest rate environment continues to keep investors away from time and savings deposits.
Read more: http://arabnews.com/news/445866
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