MOSCOW: Saudi Arabian money supply grew by SR35 billion ($9.3 billion), recording its highest montly gain since May 2020, accroding to central bank data.
On a monthly basis, the Saudi M3 monetary aggregate, in which demand deposits account for roughly 60 percent and time and savings deposits make up another 20 percent, increased by SR34.9 billion, or 1.5 percent from November.
Growth was driven mostly by the increases in demand and time and savings deposits which grew in month by SR22.3 billion and SR18.8 billion respectively, showed the data posted on the website of the bank known as SAMA.
In December M3 monetary aggregate grew by SR159.6 billion from the same month a year ago to SR2.31 trillion.
M3 monetary aggregate increased by 7.4 percent from SR2.15 trillion in December last year.
Over the same period the share of demand deposits in total M3 money supply fell slightly to 58.9 percent while the respective share of time and savings deposits edged up a little to 21.5 percent.
This resulted from a faster rate of growth in time and savings deposits which increased 3.95 percent from November compared to 1.67 percent growth in demand deposits.