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Publisher: Maaal International Media Company
Total bank deposits reached 2.4 trillion riyals in the second quarter of 2023, compared to 2.2 trillion riyals in the same period in 2022, an increase of 9.2% on an annual basis, according to data issued by the Central Bank.
Bank deposits were distributed among (demand deposits) worth 1.32 trillion riyals, which constituted 54.3% of the total deposits, and (savings deposits) worth 770 billion riyals, which constituted 31.5% of the total deposits, and (quasi-cash deposits) constituted 14% of the total. Total deposits amounting to 343 billion riyals
The share of companies and individuals out of total demand deposits amounted to 1.1 trillion and 191 billion riyals for government agencies. Savings deposits were distributed among companies and individuals with a value of 360 billion riyals and 410 billion riyals for government agencies.
The semi-cash deposits were divided into foreign currency deposits worth 286 billion riyals, the share of companies and individuals was 123 billion riyals, the share of government agencies was 162 billion riyals, and the value of documentary credits was 44 billion riyals out of the total semi-cash deposits.
Demand deposits express cash deposited in a bank account or financial institution, and their owner can withdraw them at any time without providing prior notice to the bank, and they often do not carry any interest. As for savings deposits, they are deposits whose purpose is to accumulate them in the form of Savings, the depositor of which receives interest that is renewed with the renewal of the term of the deposit. As for quasi-cash deposits, they consist of deposits of residents in foreign currencies, deposits against documentary credits, existing transfers, and repurchase operations (repo) carried out by banks with the private sector.