Saudi Arabian Monetary Authority (SAMA) data indicate positive trends in the Kingdom's economy during the first half of 2017. Demand deposits witnessed an increase of 1.9 percent in June, 2017 compared to the same month last year to reach around SR 982.3 billion. Time and saving deposits witnessed an increase of 0.8 percent in the same period to reach around SR 478.8 billion, and the growth rate of broad money was 1.5 percent as it reached SR1.8 trillion. This coincided with an 8.5 percent decrease in the volume of money traded outside banks to reach around SR 166.4 billion. This indicates wider use of the Saudi electronic payment system as against circulation of currency. In view of the improved liquidity status in the Saudi economy, particularly in the banking sector, the average rate between banks (for three months) declined from 2.21 percent in June 2016 to 1.75 percent in June 2017. This represents a decrease of 20.7 percent during the same period of the last year. The total assets of banks rose by 1.6 percent in June 2017 compared to the same month last year to reach around SR 2.29 trillion. The total capital of banks increased by 1.0 percent to reach around SR 168.4 billion, and its total reserves increased by 13.7 percent to reach around SR 155.8 billion. The banking sector achieved cumulative profits of around SR 39.6 billion during the year ended in June 2017. However, this accounted for an 8.5 percent drop as against the figure in the corresponding period last year when it was around SR 43.3 billion. The total liabilities of banks from the public sector increased by 21 percent in June 2017 compared to the same month last year to reach around SR 247.3 billion. The net foreign assets rose by 2.7 percent to reach around 160.6 SR billion. On the other hand, foreign labor remittances decreased from SR 15.8 billion in June 2016 to around SR 10.4 billion, which represents a decrease of 34.2 percent. Remittances of Saudis also declined by 45.3 percent during the same period to reach around SR 3.0 billion, which is the lowest level since October, 2004. The total amount of transactions of the Saudi express transfer system increased by 48.3 percent in June 2017 compared to the same month last year to reach around SR 4.42 trillion, while the volume of cash withdrawals from ATMs decreased by 11.4 percent in the same period to reach around SR 64.8 billion despite an increase in the number of ATMs by 5.4 percent, and an increase in branches of banks by 1.9 percent during the same period to reach around 2,044 across the country. Point of Sale (PoS) terminals increased by 15.9 percent. The number of purchases made through PoS terminals increased by 27.6 percent to reach around 60.7 million transactions, while sales decreased slightly by 0.8 percent to reach around SR 18.1 billion during the same period.
