JEDDAH: Saudi M3 money supply growth rises to 2.9% on year the same month a year ago, and SR1.035 trillion in July, according to data posted on SAMA's website. SAMA's net foreign assets edged up to SR1.574 trillion in August from SR1.564 trillion in July and SR1.434 trillion in August 2009, the data showed. Saudi Arabia, which has filled its coffers with surplus income from oil exports this decade, has drawn on its reserves to fund record budgets and keep its $400 billion five-year infrastructure development program on track. This spending helped the Arab world's largest economy grow last year, according to the Kingdom's budget released last December, banks have remained hesitant to extend credit. Lending to the private sector rose to SR766.8 billion in August from SR764.7 billion in the month earlier and SR742.6 billion in August 2009.
