Saudi-European Parliamentary Friendship Committee discusses cooperation during Strasbourg visit    Diriyah to host third IMFC Deputies meeting under Saudi chairmanship    15,135 decisions taken to penalize Saudis and expats for violations    Saudi stock market loses half a trillion riyals, with Aramco's losses amounting to SR340 billion Tariff turmoil rattles Gulf markets    KAU to host Digital Communication Conference in Jeddah from April 29 to May 1    TGA: Riyadh tops with 45% of 290 million orders delivered in 2024    Aja and Salma mountains draw nature lovers to Hail's rugged landscapes    US revokes all visas for South Sudanese nationals over deportation dispute    Death toll from Myanmar earthquake rises to 3,471    Macron to hold Gaza summit with Egypt and Jordan in Cairo    Benzema rescues Al Ittihad with stoppage-time equalizer in thrilling Jeddah Derby    Al Qadsiah and Al Ettifaq share spoils in tense Eastern Derby stalemate    Moussa Diaby praises Al Ittihad's resilience after Jeddah Derby draw "When you can't win, you take a point"    Saudi assistant referee Iman Al Madani joins AFC elite list for 2025    Riyadh Art Week launches with over 50 galleries showcasing global artistic dialogue    Turki Al-Sheikh announces five new Saudi film projects to be produced in Riyadh    Saudi Ministry of Education to showcase innovations at 2025 Geneva International Exhibition    Ed Sheeran weaves Persian music into new song, Azizam    Al-Jadaan: Crown Prince's directives confirm government's ability to bring back balance to real estate market    Veteran Bollywood actor Manoj Kumar dies at 87    Screen time in bed linked to insomnia, study finds    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Saudi money supply growth slows
Published in The Saudi Gazette on 02 - 03 - 2009

Annual growth in Saudi Arabia's money supply fell for a third month in January to 13.87 percent from 17.65 percent in December despite recent aggressive interest rate cuts, central bank data showed.
The data also showed the Saudi Arabian Monetary Agency's net foreign assets fell by around 1.6 percent in January from December, their sharpest month-to-month fall in at least 12 months.
The net figure was some SR1.62 trillion in January compared with about SR1.2 trillion a year earlier, the data, posted on SAMA's website, showed. But compared with their levels in recent months, SAMA's net foreign assets in January were at their lowest level since August.
SAMA did not explain the drop. Saudi officials have repeatedly said the world's top oil exporter was not stung as badly as other states by the global crisis because it sustained a policy of “very liquid, very safe, minimal risk” international assets.
SAMA's monthly report said M3, the broadest measure of money circulating in the economy, climbed to SR928.17 billion ($247.5 billion) in January compared with SR815.14 billion a year earlier.
Compared to its level in December, M3 inched down 0.1 percent in January, the first decline since April.
The slight decrease reflected a 4.3 percent month-to-month drop in time and savings deposits, the data showed.
SAMA has eased bank lending restrictions and slashed interest rates by more than half since October in an effort to encourage banks to keep lending amid both easing inflationary pressures domestically and a global credit crisis.
But bank claims on the private sector, an indicator of business confidence, slipped for the third month in a row to SR729.44 billion from SR734.56 billion in December and SR743.05 billion in November.
Analysts were expecting SAMA's net foreign assets to show signs of weakness given that oil prices have tumbled to less than a third of their record high above $147 a barrel last July.
In a breakdown of SAMA's assets, the data showed the Saudi central bank reduced deposits with banks abroad to 353.29 billion riyals in January from 379.49 billion riyals in December and 384.36 billion riyals in November.
At SR1.15 trillion in January, SAMA's investment in foreign securities was almost unchanged from December but was still below the 1.17 trillion riyals level of November.


Clic here to read the story from its source.