Saudi Arabia has seen an increase in investment in the banking sector. The increase was recorded in the second quarter report of this year. This is an increase of 9% over the previous year. The increase in bank deposits in the midst of the Kovid crisis will strengthen the country's economy.
Sama, the national bank, published its second quarter report this year. The highest increase was in bank deposits across the country. This is an increase of nine per cent over the same period last year. An additional investment of 151.5 billion riyals was recorded during the period. With this, the total deposits in the country's banks crossed 1.8 trillion. It was 1.69 trillion riyals during the same period last year.
There are three main types of deposits in banks in the country. These are Demand Deposit, Savings Deposit and Deposit in Foreign Currencies. Of these, demand deposits grew by 13.5 per cent and savings class deposits by 1.4 per cent. However, investment in foreign currencies declined by 8.2 per cent. This is the fifth consecutive quarter of increase in bank deposits in the country.
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