Arab News, Wednesday, Jun 29, 2022 | Zul Qaadah 29, 1443
Growth in Saudi Arabia’s liquidity slows to 7.8% year-on-year in May
Saudi Arabia:
Saudi Arabia’s M3 monetary aggregate, known as “broad money,” grew in May by
SR171.6 billion ($45.7 billion) from the same month a year ago to SR2.38
trillion.
M3 money supply, a benchmark indicator for
liquidity in Saudi Arabia’s monetary system, increased by 7.8 percent from
SR2.21 trillion in May last year, according to data published on Saudi Central
Bank website on Tuesday.
The annual growth rate in May was the slowest
since December 2021. It slowed down from 8.7 percent in April.
Looking at the year-on-year changes in components
of the M3 aggregate, time and saving deposits grew by SR78.3 billion to SR517.4
billion. Other quasi-money deposits and demand deposits increased by SR60
billion and SR38.8 billion to SR297.8 billion and SR1.36 trillion, respectively.
Currency outside banks decreased by SR5.6 billion to SR206.6 billion over the
same period.
The M3 money supply slipped 0.5 percent from its
level in April.