Saudi M3 money supply grows in October

RIYADH: The M3 monetary aggregate, known as “broad money”, posted an annual growth rate of 7.9 per cent in October, having decelerated slightly from the September value of 8.4 per cent, Arab News quoted the data published by the Saudi Central Bank.

On a monthly basis, the M3 indicator grew SR10.6 billion ($2.8 billion) in October, or 0.5 per cent, from the previous month.

The monthly increase in M3 money supply was driven mainly by the SR15.1 billion increase in time and saving deposits, which grew 3.3 per cent on a month-on-month basis, the fastest rate of growth since October 2020.

The demand deposits fell SR4.5 billion, or 0.2 per cent, to SR1.324 trillion as of October 31, 2021.

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