RIYADH: Saudi Arabia’s point-of-sale spending remained close to $4 billion in the week ending Feb. 21, even as overall transaction volumes declined during the early days of Ramadan, central bank data showed.
According to the latest data from the Saudi Central Bank, also known as SAMA, total POS transactions settled at SR13.9 billion ($3.71 billion), representing a 9.3 percent week-on-week decline, while the number of transactions fell 12.5 percent to 220.57 million.
Spending on freight transport, postal and courier services rose 24.4 percent week on week to SR80.68 million, marking one of the strongest sectoral gains as demand for deliveries increased during the holy month.
In an interview with Arab News, Saudi economist Talat Hafiz attributed the broader slowdown in spending to seasonal consumption patterns linked to Ramadan.
“During the first week of Ramadan, consumer behavior typically shifts, as individuals focus more on purchasing goods related to the holy month while reducing discretionary spending,” he said.
