Time and savings deposits in the Saudi banking system reached a record high of SAR889.558 billion ($237 billion) at the end of May 2024, achieving an annual growth rate of 23.4% and an increase of SAR168.789 billion compared to SAR698.436 billion for the same period last year, a report said.

This represented about 31.5% of the total ‘Money supply in a Broad and Comprehensive Sense’ of about SAR2.825 trillion, according to data from the Monthly Statistical Bulletin issued by the Saudi Central Bank (SAMA) for May 2024, Saudi Press Agency said.

Time and savings deposits also achieved monthly growth of 5.6%, with an increase of SAR47.273 billion, compared to SAR842.286 billion at the end of April of the current year.

It also recorded growth since the beginning of the year by 3%, with an increase of about SAR25.237 billion, where it was at the level of SAR846.321 billion at the end of January 2024.

The monthly average for the current year for the level of time and savings deposits was about SAR855.589 billion.