SAMA’s net foreign assets climb to SR2.717 trillion

The Kingdom’s M3 money supply growth accelerated to 13.6 percent year-on-year at the end of March, the fastest rate since August 2013, from 13.2 percent in the previous month, Saudi Arabian Monetary Agency (SAMA) data showed.
Bank lending growth to the private sector rebounded to 12.8 percent in March from a two-year low of 12.2 percent in February.
SAMA’s net foreign assets climbed to a record high of SR2.717 trillion ($725 billion) in March, up 9.2 percent from a year ago. It was the slowest rate of increase since February 2011.
In a recent report, Jadwa Investment said Saudi CPI inflation fell for the fourth consecutive month in March, reaching 2.6 percent year-on-year (y-o-y) in March compared with 2.8 percent in February.
It said core inflation slightly increased on the back of higher prices of “other expenses and services”.
Jadwa Investment’s Inflation Update for March 2014 said lower food price inflation was the main reason for the CPI decline while rental inflation picked up slightly to become the largest single contributor to headline inflation in March.
The report said negligible external price pressures, due to lower commodity prices, a strong dollar and subdued inflation among trading partners should offset any local inflationary pressures.
Citing the Central Department of Statistics and Information (CDSI), Jadwa Investment said Saudi Arabia’s inflation rate fell for the fourth consecutive month in March, reaching 2.6 percent year-on-year compared with 2.8 percent in the previous month.
It said lower food price inflation was the main reason for the decline while rental inflation picked up slightly.