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FINANCIAL NEWS
Saudi M3 money supply growth accelerates to 2.9%
05 Oct 2010
(MENAFN) The Saudi Arabian Monetary Agency (SAMA) said that the Kingdom’s M3 money supply growth has increased to 2.9 percent on year in July from the same month a year ago, reaching $276 billion, Reuters reported
The central bank’s net foreign assets edged up to $420 billion in August from $417 billion in July and $382 billion in August 2009, it said in a statement.
This spending helped Saudi Arabia, 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.
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