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FINANCIAL NEWS
Saudi broad money (M3) up 13.8% in 2011’s Q1: CB
22 Jan 2012
(MENAFN) The Saudi Arabian Monetary Agency (SAMA) said that broad money (M3) grew 13.8 percent in 2011’s first quarter to USD306 billion, compared with a rise of 4.7 percent during 2010’s same period, reported Arab News.
The central bank added that money supply (M1) surged by 26.5 percent, while money supply (M2) increased by 14.9 percent.
On the other hand, it said that broad money (M3), which consists of currency outside banks and all types of bank deposits, rose 5 percent to USD293 billion in 2010, compared with a rise of 10.7 percent in the previous year.
It also said that currency outside banks in 2010 went up by 8.1 percent compared to an increase of 6.5 percent in 2009.
It is worth noting that demand for currency in Saudi usually goes up notably during the last quarter of each year according to the Islamic calendar (Hijri year) which stretches from Ramadan to Dhul Hijjah and tends to taper off after the end of the season.
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