Saudi M3 money supply growth slows in July

01 Sep 2010

(MENAFN) A report issued by the Saudi Arabian Monetary Agency (SAMA) showed that the Kingdom’s M3 money supply growth, an indicator of future inflation, slowed to a more than seven-year low in July, Arab News reported.

M3 money supply growth, which includes demand deposits and currency outside banks, eased to 2.3 percent in July, compared with 3.4 percent the previous month, the central bank said.

July bank claims on the private sector advanced an annual 4.9 percent compared with 4.4 percent in June, according to SAMA’s data.

Saudi Arabia, the world�s largest oil supplier is spending more than $400 billion over five years to strengthen the economy and help finance infrastructure projects.

The Saudi Industrial Development Fund has provided loans to companies seeking to finance expansion projects with tighter lending conditions in the Arab world�s biggest economy.

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