Saudi deposits reach 2008 high

Data from the Saudi Central Bank shows that the share of term and savings deposits increased to 42.8% of total deposits, the highest level since December 2008. Meanwhile, demand deposit share fell to its lowest point since December 2009. Despite the Saibor average dropping to 4.75%, the composition of deposits continued to shift, with total deposits rising to 3.11 trillion riyals, a 9.3% annual growth. Most of this growth was transferred to interest-bearing term and savings deposits, which increased by approximately 244 billion riyals. This shift reflects a change in the quality of funding and banking sector liquidity, while posing challenges related to banking margins amid rising deposit costs and the ongoing impact of the interest rate cycle.

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