Nov 29 2011 |
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Saudi October M3 Money-Supply Growth Accelerates To 14.4% On Year
Tuesday, Nov 29, 2011
RIYADH (Zawya Dow Jones)--Saudi Arabia's money supply grew 14.4% on year in October, compared with 11.9% in September, while the central bank's foreign assets surged 20.9% compared with October 2010, new data from the Saudi Arabian Monetary Agency , or SAMA , showed Tuesday.
M3, the broadest measure of money supply and an indicator of future inflation, was 1.191 trillion Saudi riyals ($317.6 billion) in October, up from SAR1.041 trillion in the year earlier and up from SAR1.176 trillion in September, according to data posted on SAMA 's website.
SAMA 's net foreign assets rose to SAR1.948 trillion in October, from 1.942 trillion in September, and SAR1.610 trillion in October 2010, the data also showed.
Lending to the private sector rose to SAR854.3 billion last month, from SAR840.8 billion in the month earlier, and up from SAR777.9 billion in October 2010. Bank claims on the private sector tripled between the boom years of 2003 to 2008. Earlier this year, SAMA 's governor, Mohammed Al Jasser, said bank lending is expected to accelerate this year.
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
29-11-11 1017GMT
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