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SAMA: Foreign Currency Credit Card Transaction Amounts Decrease

SAMA: Foreign Currency Credit Card Transaction Amounts Decrease

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SAMA: Foreign Currency Credit Card Transaction Amounts Decrease

The Saudi Arabian Monetary Authority (SAMA) explained that the amounts of credit card transactions in foreign currency witnessed a noticeable decline during the last months of 2019. The amounts of card transactions decreased by 25% in the month of November 2019 to reach about 1.27 billion riyals, compared to 1.71 billion riyals in the corresponding month of the previous year. It decreased in September and October of 2019 by about 18.7 percent and 28.3%, respectively, compared to the same period in the previous year.

This decline coincided with the beginning of a number of seasons and events held in a number of regions and cities across the Kingdom. On the other hand, the amounts of Points of Sales (POS) operations in the Kingdom witnessed great growth during recent months, as it recorded a 30% increase in the month of November 2019 to reach 25.8 billion riyals, compared to 19.9 billion riyals in the corresponding month of the previous year. The restaurants and cafes sector witnessed an annual growth in November 2019 of 54%, and the entertainment, culture, transportation, and hotel sectors witnessed annual growth of 30.5%, 25.2%, and 18.1% for each sector, respectively.

Source: Saudi Arabian Monetary Authority

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