The Saudi money supply climbed to 12.5 percent in September, data from the Saudi Arabian Monetary Agency, the Kingdom's central bank, revealed on Wednesday. However, foreign assets declined 0.5 percent to SR1.427 trillion Saudi ($379.7 billion) in September from a month earlier. The Kingdom has shed $62.7 billion in foreign assets since November 2008 as it tries to counter the global economic downturn. Money-supply growth was 12.3 percent in August. M3 money supply, the broadest measure, stood at SR999.9 billion in September, according to Sama's website. Although net foreign assets declined slightly, Sama's deposits at foreign banks increased for the second month in a row, and at the fastest pace in over a year, to SR238.8 billion in September from SR225 billion a month earlier. Lending to the private sector increased for the fourth consecutive month following the rate cut. Bank claims on the private sector rose around SR4 billion to SR746.33 billion in September from a month earlier and at an annual rate of 2.5 percent. Commercial bank deposits at the central bank increased around SR750 million to SR117.6 billion in September from a month earlier.
