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Saudi banks see record 10% surge in money supply to hit $726bn in January

Saudi banks see record 10% surge in money supply to hit $726bn in January

The surge in Saudi Arabia’s money supply in January highlights the increasing trend of depositors seeking higher-yielding avenues, particularly term deposits, due to rising interest rates and the pegging of the Saudi riyal to the US dollar. This growth, fueled by a significant rise in banks’ term and savings accounts, reflects a shift in investment preferences and a potential boost in profits for Saudi banks.

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