RIYADH: According to official figures, the money supply of Saudi banks increased by 10.3% to SR2.95 trillion ($785.51 billion) in November over the same month the previous year.
According to data issued by the Saudi Central Bank, or SAMA, time and savings deposits currently make up 33.61 percent of the money supply, or SR989.99 billion, the largest percentage share in more than 15 years. With an increase of 18.10 percent, these deposits likewise had the most significant growth rate of any money supply component.
Although they increased by 7.69 percent during this time, demand deposits had the largest part at 48.76 percent, a minor decrease from their 50 percent share the year before. Together, the remaining elements accounted for 17.63 percent of the money supply.
Local lenders’ role in financing projects requires more cash, underpinning the likes of Saudi Fransi, ANB, Rajhi, and SNB issuing euro-denominated medium-term notes,” Edmond Christou, senior industry analyst at Bloomberg Intelligence, told Arab News.
The Saudi central bank’s timely deposits of state funds, open market operations, and $31 billion in debt sales since 2022—or $25 billion excluding SNB’s CDS—all contributed to the bank’s cash flow,” he continued.
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