2023-08-01 08:25:19
Down 40 billion riyals compared to May
Dubai – Al Arabiya.net
Posted on: August 01, 2023: 08:56 AM GST Last updated: August 01, 2023: 12:25 PM GST
The monthly bulletin of the Saudi Central Bank “SAMA” showed that its assets decreased last June by 40 billion riyals on a monthly basis to 1.832 trillion riyals, compared to 1.872 trillion riyals in May 2023.
The Central Bank stated that its total assets decreased by 153.8 billion riyals, or 7.7%, last June, compared to the same month of 2022.
Saudi Arabia’s reserve assets increased to the level of 1.662 trillion riyals ($443.2 billion) in June, compared to 1.658 trillion riyals ($442.13 billion) at the end of last May.
Bank deposits increased in June by 2% to 2.439 trillion riyals, compared to 2.391 trillion riyals in the previous May.
The bulletin showed that the volume of bank credit rose to 2.471 trillion riyals in June, compared to 2.451 trillion riyals in the previous month.
However, SAMA’s net foreign reserves increased slightly for the second month in a row, reaching 1.588 trillion riyals.
In the banking sector, SAMA changed the method of calculating the ratio of loans to deposits, in addition to giving weights to deposits according to terms, which was changed in 2018.
In June, the Central Bank began assigning weights to loans also when calculating the ratio of loans to deposits, by granting lower weights to loans with short maturities,
Thus, the loan-to-deposit ratio fell, as witnessed by the June numbers, which came at 78.7%, compared to a reading that touched 82% in May.
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