Latest news with #SaudiCentralBank
Saudi Gazette
14 hours ago
- Business
- Saudi Gazette
Saudi bank credit records annual growth of over SR443 billion by end of April 2025
Saudi Gazette report RIYADH — Bank credit granted to the public and private sectors in Saudi Arabia reached SR3,126,381 million (over SR3.126 trillion) by the end of April 2025, according to the monthly statistical bulletin issued by the Saudi Central Bank (SAMA) for April. This marks an annual growth of 16.5 percent and an increase of more than SR443.018 billion compared to the same period in 2024, when bank credit stood at SR2.683 trillion. Quarterly, bank credit continued to rise at all levels, recording a growth of five percent compared to the fourth quarter of 2024, increasing by SR146.411 billion. By the end of the first quarter of 2025, bank credit had grown from over SR2.955 trillion to over SR3.101 trillion. On a monthly basis, bank credit recorded a growth of 0.8 percent, rising by SR24.420 billion, compared to March 2025, when it stood at SR3,101,961 million. Bank credit granted to the public and private sectors was distributed across more than 17 diverse economic activities, serving as a key driver in achieving comprehensive and sustainable economic growth and contributing to the goals of Saudi Vision 2030. According to SAMA data, long-term credit (for over three years) accounted for 49 percent of total bank credit, valued at over SR1.524 trillion. Short-term credit (less than one year) represented 36 percent, amounting to over SR1.135 trillion. Medium-term credit (from one to three years) comprised about 15 percent, totaling SR465.937 billion.
Leaders
15 hours ago
- Business
- Leaders
SAMA: Saudi Inflation Rate Expected to Remain Stable in Q2 2025
A recent report by the Saudi Central Bank (SAMA) showed that the Inflation rate in Saudi Arabia is expected to remain stable in the second quarter of 2025. SAMA's report noted that global economy is facing increasing challenges in 2025 due to rising geopolitical tensions and changes in trade policies. Consumer Price Index Consumer Price Index The average consumer price index in Saudi Arabia grew by 2.1% during the first quarter of 2025 compared to the same quarter in 2024. The housing, water, electricity, gas and other fuels sector recorded the highest increase of 7.4% compared to the same quarter of the previous year. Inflation Rates Inflation rates varied between the Kingdom's cities during the Q1 2025. Riyadh and Mecca reached the highest inflation rates in the first quarter of this year, at 3.6% and 3.3%, respectively. Inflation Rates Wholesale Price Index The wholesale price index in the first quarter of this year recorded an annual increase of 1.3% compared to the Q1 2024. Wholesale Price Index 2025 Q2 Anticipations Inflation rate is expected to remain stable in the second quarter of 2025 compared to the same quarter of 2024. This stability is due to various factors such as the anticipated balance between slowing global inflation and the expected impact on customs duties. 2025 Q2 Anticipations Related Topics: GASTAT: Saudi Arabia's Inflation Holds Steady at 2.2% in May 2025 Saudi Arabia's Inflation Rate Eases to 1.9% in December Rental Prices Drive Inflation in August 2024: GASTAT SAMA Officially Launches 'Samsung Pay' in Saudi Arabia Short link : Post Views: 1 Related Stories
Argaam
2 days ago
- Business
- Argaam
POS transactions reach SAR 11.1B last week: SAMA
The point-of-sale (POS) transactions in Saudi Arabia reached nearly SAR 11.1 billion in the week ended June 14, compared to about SAR 14.1 billion a week earlier. The number of POS transactions reached about 203.8 million last week, compared to nearly 228.2 million in the previous week, according to data issued by Saudi Central Bank (SAMA). POS transactions represent consumer expenditure through debit and credit cards at major shopping centers, retail outlets, pharmacies, and others. The data indicated that the value of sales via POS increases in the weeks that coincide with the disbursement of salaries to government employees (the 27th of each month), in addition to the weeks that coincide with school vacations and the weeks preceding Eid Al-Fitr and Eid Al-Adha. On the other hand, the value of sales decreases in the weeks preceding salary disbursement and those coinciding with the start of the back-to-school season. The moving average value of POS transactions stood at about SAR 13.13 billion in 2025. Adopting the four-week moving average, the value of POS transactions soared during 2024 compared to 2023 and 2022. The average value of sales ranged between SAR 11 billion and SAR 14 billion in 2024, compared to SAR 10 billion to SAR 13 billion in 2023 and SAR 9 billion to SAR 12 billion in 2022. For the week ended on June 14, consumer spending was focused on the restaurants and cafes sector, representing 16.2% (SAR 1.80 billion) of last week's total POS transactions, followed by the food and beverage (F&B) sector at 15.5% (SAR 1.73 billion). Riyadh led in terms of POS transaction value by region, with approximately SAR 3.59 billion, representing 32.3% of the total. Jeddah followed with SAR 1.59 billion (14.3%). According to the latest data from the Saudi Central Bank (SAMA), e-payments in the retail (individuals) sector reached 79% of total payments carried out by individuals in the Kingdom during 2024. This achieved the target ratio in the Financial Sector Development Program, one of Vision 2030's programs, which aims to reach an e-payment ratio of 70% by 2025. Over the past few years, Saudi Arabia has witnessed remarkable progress and rapid growth in e-payment adoption, thanks to the myriad strategic efforts and initiatives launched by SAMA, in cooperation with the financial sector, to support the growth of the payments sector and stimulate the use of various e-payment methods in the Kingdom.
Leaders
3 days ago
- Business
- Leaders
SAMA Approves Madafuou Alarabia to Conduct BNPL Activities
The Saudi Central Bank (SAMA) has officially licensed Madafuou Alarabia to offer Buy Now, Pay Later (BNPL) services. This move raises the total number of finance companies licensed by SAMA to 67. In a press release issued today, SAMA stated that the decision aligns with its ongoing efforts to enhance the financial sector, improve transaction efficiency, and foster innovative financial solutions that support financial inclusion across the Kingdom. SAMA also reiterated the importance of dealing only with authorized financial institutions. A full list of licensed and approved entities is available on SAMA's official website. Related Topics : SAMA Grants License to Tamara Finance for Consumer Finance, BNPL Services Saudi EXIM Bank Wins Two International Awards in Financial Solutions ACWA Power signs MoU with Saudi EXIM Bank to cooperate on knowledge sharing FIFA 2025 Club World Cup: First Round Schedule, Live Results & Scorers Short link : Post Views: 13
Fintech News ME
13-06-2025
- Business
- Fintech News ME
MoneyGram and tiqmo Launch International Transfer Service in Saudi Arabia
MoneyGram, a US-based global payments network, has announced a partnership with tiqmo, a financial technology firm headquartered in Saudi Arabia. The collaboration allows tiqmo users in the Kingdom to send international money transfers to more than 200 countries and territories through MoneyGram's global infrastructure. The integration gives tiqmo users access to over five billion digital endpoints and more than 480,000 MoneyGram locations worldwide, with support for transactions in over 120 currencies. Customers will be able to send funds through a range of methods, including bank account and digital wallet transfers, mobile top-ups, cash pick-ups, and bill payments. Launched in 2024, tiqmo is licensed by the Saudi Central Bank and has rapidly grown into a prominent digital wallet in Saudi Arabia and the wider Middle East and North Africa region. The firm cited MoneyGram's global reach and operational footprint in Saudi Arabia, one of the world's largest remittance-sending countries, as key reasons for the partnership. 'We believe that our partnership with MoneyGram will strengthen tiqmo's portfolio of international financial services and connect our customers with a payment brand known around the world,' said Abdulaziz Al Ajlan, Managing Director at tiqmo. 'In line with Vision 2030 and the Kingdom's digital transformation objectives and in pursuit of our goal to redefine digital financial services, we are delighted to welcome MoneyGram into our world-class digital payments ecosystem for the MENA financial services and marketplace.' 'This partnership reflects MoneyGram's leadership in enabling digital cross-border payments and advancing financial inclusion across the region,' said Ahmed Aly, Head of Middle East, South Asia & Asia Pacific at MoneyGram. 'By expanding our digital network through this collaboration with tiqmo – one of the Kingdom's most innovative and fast-growing wallets – we are reinforcing our role as a key enabler of remittance innovation and supporting Saudi Arabia's Vision 2030 towards a more inclusive and digital empowered financial ecosystem.' According to the World Bank, Saudi Arabia was the second-largest source of remittances globally in 2022, with over US$39 billion sent abroad. The new service is expected to serve users remitting funds to high-volume corridors, including India, Pakistan, Bangladesh, the Philippines, Egypt, Indonesia and Nepal. The service is now available to all tiqmo users in Saudi Arabia.
