2004 News Story
 

02/17/2004
SAMA reports record level of commercial bank deposits

The Saudi Arabian Monetary Agency (SAMA) has reported that deposits in the Kingdom’s nine commercial banks reached a record level of SR 356.3 billion [U.S. $95 billion] last year, an 8.5 percent increase over the year before. Accounting for 47 percent of the total were deposits in current accounts, which jumped to SR 167.6 billion [$ 44.8 billion] from SR 150 billion [$ 40 billion] in 2002 while fixed deposits rose to SR 113.4 billion [$ 30.3 billion] from SR 108 billion [$ 28.8 billion]. Semi-monetary deposits and expatriates’ foreign remittances amounted to SR 75.4 billion [$ 20.1 billion]. This rise in deposits reflects the strength of the Saudi economy. Bank deposits in 1963 amounted to only SR 0.78 billion [$ 0.2 billion]; this figure rose to SR 143.7 billion [$ 38.4 billion] in 1990, SR 197 billion [$ 52.6 billion] in 1995 and SR 263.6 billion [$ 70.4 billion] in 2000.


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