Total bank deposits in Saudi Arabia went up by 6.1 percent to SR761.6 billion during the first quarter of 2008 compared to an increase of 6.3 percent during the preceding quarter. Bank deposits achieved an annual rise of 24.35 percent at the end of the first quarter of 2008.

According to a report by SAMA, the ratio of total bank deposits to total broad money supply (M3) stood at 91.3 percent at the end of the first quarter of 2008 compared to 90.4 percent at the end of same period of the preceding year.

A review of the developments of the components of deposits by type during the first quarter of 2008 indicates that demand deposits rose by 9.0 percent (SR27.9 billion) to SR339.3 billion compared to a rise of 9.3 percent (SR 26.6 billion) during the preceding quarter.

Time and savings deposits went up by 3.9 percent (SR11.1 billion) to SR294.1 billion against a rise of 7.0 percent (SR18.6 billion) during the preceding quarter. Other quasi-monetary deposits rose by 4.1 percent (SR 5.1 billion) to SR 128.2 billion compared to a decline of 2.1 percent (Rls 2.6 billion) during the preceding quarter.

Demand deposits, time and savings deposits, and other quasimonetary deposits recorded annual rises of 31.7 percent (SR 81.7 billion), 23.1 percent (SR 55.1 billion), and 10.3 percent (SR 12.0 billion) respectively.

© 2008 Mena Report (www.menareport.com)