Ramadan spurs SR26.6b in ATM withdrawals in Saudi Arabia for October
The total sum withdrawn from automated teller machines (ATMs) in Saudi Arabia in November of 2005 stood at SR18.6 billion, according to economic statistics from SAMA.
This figure represents nearly a one-third drop from the previous month (down 29.9 percent), as October witnessed withdrawals in the amount of SR26.6 billion, the largest sum for the year.
Of this amount, SR11.59 was withdrawn from ATMs and SR15.04 billion directly from banks, according to Arab News.
Ramadan celebrations, shopping sprees and a 15 percent increase in public sector salaries are thought to be the main factors behind the surge in cash withdrawal during the month.
Also according to SAMA, 90,349 new ATM cards were issued by Saudi banks in November, bringing the total number to 7,845,684.
Additionally, the number of ATM machines also grew in November to 4,515 as 42 new machines were installed.
Samba Financial Group and Riyad Bank both added 9 machines to their networks in November, while Banque Saudi Fransi and the Saudi British Bank (SABB) each added two new ATMs in November.
The National Commercial Bank (NCB), which did not add any new machines during November, currently has 915 machines, the largest number in the Kingdom.