159 billion riyals of foreign deposits in banks operating in Saudi Arabia

Foreign deposits at banks operating in Saudi Arabia at the end of the third quarter of this year amounted to about 158.8 billion riyals, registering a rise for the second consecutive quarter.

Foreign deposits rose by 23.5 percent to SAR 30.26 billion at the end of the third quarter of 2018 compared to the same period last year of SR 128.5 billion.

While foreign deposits at banks operating in Saudi Arabia at the end of the third quarter of this year grew by 6.9%, equivalent to 10.29 billion riyals, compared with 148.5 billion riyals by the end of the second quarter of this year.

According to an analysis based on SAMA data, foreign deposits recorded the highest level in 27 months, particularly since June 2016, amounting to about 160.8 billion riyals, according to the newspaper "Economic".

At the end of the third quarter of 2018, foreign deposits accounted for 9.71 percent of total bank deposits, accounting for 8.02 percent at the end of the same period last year, an increase of 169 basis points.

Foreign currency deposits at banks operating in Saudi Arabia grew by 12.2 percent to SAR 17.27 billion at the end of September, compared with the previous month of August, marking the highest monthly growth in more than a year.

According to the analysis, the deposits of individuals and companies accounted for 66.5 percent of the total foreign deposits, and about 105.65 billion riyals.

At the end of the third quarter of this year, deposits of individuals and companies grew by 9.9 percent to Rls 9.55 billion compared to the third quarter of last year.

While government deposits accounted for 33.5 percent and 53.18 billion riyals of total foreign deposits by the end of the third quarter of this year.

Government deposits at the end of the third quarter of 2018 rose 63.8 percent, or 20.7 billion riyals, from the same period last year.

Foreign deposits stood at their highest levels in March 2016, reaching about 181.3 billion riyals, which is less than the current foreign deposits at 12.4 percent, or about 22.5 billion riyals.

Total bank deposits at the end of the third quarter amounted to about 1.636 trillion riyals, registering a growth of 2.1 percent year on year, reaching about 1.602 trillion riyals by the end of the third quarter of last year.

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