Tuesday, 28 May 2024

With the Spread, at the lowest level, in 20-month

Interbank Interest Rate, Rising for the 4th month, for SR Deposits, 3rd Month for $s, in a row

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The interest rates functioning among Saudi banks “SIBOR” on the Saudi Riyal (SR) deposits rose by 1.0088%, at the end of last December, continuing the ascend for the 4th month, in a row, after a two consecutive months of remaining stable, ending December above 1% for the 1st time, since August 2020.

At the same time, the interest rates among Saudi banks “SIBOR” in US dollars ($) continued to rise for the 3rd month, in a row, for a period of 12-month, reaching 0.5218% at the end of December 2021, an increase of 55% on an annual basis, compared to 0.3367% in December 2020, realizing the highest level in 19- month, specifically since June 2020, when it reached 0.5949%.

Based on recent data of the Saudi Central Bank “SAMA”, interest rates on the Dollar deposits for a period of 6-month rose by 0.3080%, or 19.7% compared to December 2020 levels, at 0.2572%, as their levels in December were the highest.

Since August 2020, the level of deposits in (SR) for 6-month, their interest rate, in December, reached 0.9284% compared to 0.8736%, in December 2020, with an increase of 6.3%, the highest in 16-month, specifically since September 2020.

At the level of 3-month deposits, interest rates on Dollar deposits decreased by 11.5% to 0.2058% compared to 0.2227% in December 2020, while they rose by 29.5% on monthly basis.

On for 3-month deposits, in the Saudi Riyal, they reached 0.8736%, an increase of 6.1 % compared to December 2020, at 0.8233%, and it also increased by 4.2% compared to last November’s levels.

At the level of 1-month deposits, interest rates on Dollar deposits decreased by 30.4% to 0.1038% compared to 0.1493% in December 2020, but they rose by 15.2% compared to their levels in November, while at the level of deposits, in Saudi Riyal for a month, they rose by 4.5%.

They also rose by 0.6906% for the 5th consecutive month, and increased by 3.3% compared to November 2021 levels.

As for the spread between interest rates on deposits, in Riyal compared to interest rates on deposits in dollar, they decreased at the 12-month level to 0.4870%, with a decline rate of 19.8% on an annual basis and 13.9% monthly, to reach the lowest rate in 20-month, specifically since May 2020, when the spread was at 0.4565%.

The spread between interest rates in the Riyal and the Dollar for 6-month, it reached 0.6204%, the lowest in 20-month, specifically since May 2020, when it reached 0.5483%.

At the level of one-month deposits, the spread increased by 14.7% on an annual basis, and by 1.5% on monthly basis.

The interest rate among the Saudi banks “SIBOR” is applicable among the commercial banks, when a bank is borrowing from another, and the average citizen may feel that, on withdrawal from a ATM, other than the main bank, in which he has a bank account, as the ATM would withdraw a charging amount, in exchange for a procedure to conclude the process, unless there are agreements among banks or directives from the Central Bank to cancel such a regime.

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