The Banking Executive Magazine - August Issue 2022

Saudi Central BanK Saudi Central Bank's ASSETS RISE A 8.5% TO $533.8BLN IN JULY Saudi Central Bank's assets jumped by 8.5% in July compared to a year ago. Total assets during the month reached more than SAR2.005 trillion ($533.8 billion), compared with SAR1.848 trillion a year ago and SAR1.99 trillion last month, accord- ing to the latest monthly bulletin re- lease. Bank deposits also rose to SAR2.23 trillion in July 2022 from SAR2.04 trillion in the same period last year, with businesses and individuals ac- counting for the biggest chunk in savings at SAR1.2 trillion. Assets of commercial banks in the kingdom reached SAR3.528 trillion, up by 13% from a year ago's SAR3.12 trillion but down by .01% from the previous month's SAR3.539 trillion. Banks' foreign assets grew to SAR262 billion at the end of July from SAR243 billion a year ago, while for- eign liabilities rose to SAR225 billion from SAR189 billion. Major lenders in the country have re- cently posted positive results, with combined profits growing by 17.6% in the first quarter of the year com- pared to the previous quarter, ac- cording to Alvarez & Marsal. The International Monetary Fund (IMF) had forecast that the Saudi economy will grow at its fastest pace in about a decade. The Washington- based lender estimated that the king- dom's gross domestic product (GDP) could grow by 7.6% in 2022, the fastest in nearly ten years. the BANKING EXECUTIVE 26 ISSUE 164 AUGUST 2022