On Thursday, the Central Bank of Saudi Arabia (SAMA) launched the “View My Bank Accounts” service for individual customers at local banks.
The new service allows individuals to verify ownership of personal accounts with local banks, by making it available through the electronic channels of those banks.
“SAMA”: Liquidity in the Saudi economy reaches the highest peak in its history
This service will contribute to enhancing reliability and reducing the risks of suspicious transactions, unauthorized use of accounts, and impersonation of personal identity, based on the goals of the Central Bank related to supporting the stability of the financial sector and enhancing confidence in it.
This service also comes as a continuation of the efforts of the Central Bank and the banking sector to develop and create value-added services. To enhance the implementation of electronic financial transactions in a secure manner, such as the account verification service when adding and activating beneficiaries.
The Central Bank of Saudi Arabia is constantly working to develop electronic financial transactions in accordance with international best practices.
It is worth noting that the levels of liquidity (money supply M3) in the Saudi economic system continued its strong growth, reaching its peak at the end of March 2024, at the level of 2.823 trillion riyals, according to what was shown by the data of the monthly statistical bulletin of the Central Bank of Saudi Arabia (SAMA).
The Central Bank stated that local liquidity recorded a growth of 8.3%, or 215 billion riyals, from the beginning of the year until the end of March, after it rose from the level of 2.608 trillion riyals at the end of December 2023.
Liquidity levels achieved a monthly growth estimated at 2.5%, or 67.55 billion riyals, compared to what they were at the end of February of the same year at the level of 2.756 trillion riyals, according to what was reported by the Saudi News Agency (SPA).
