Nov 30 2011 |
more articles from
|
Saudi October M3 Money-Supply Growth Accelerates To 14.4% On Year
Wednesday, Nov 30, 2011
(This story was originally published Tuesday.)
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.
Saudi Arabia, which has filled its coffers with surplus income from oil exports over the last decade, has drawn on its reserves to fund record budgets and keep its $400 billion five-year infrastructure development program on track. It earlier earmarked additional funds to implement housing projects amid political unrest across the wider region. While this spending helped the Arab world's largest economy grow last year, according to the kingdom's budget released last December, banks have remained relatively hesitant to extend credit.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
30-11-11 0353GMT
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment