RIYADH, 26 September 2005 — Saudi Arabia’s central bank foreign assets in August rose nearly 4 percent from the previous month but money supply in the Kingdom eased slightly, official figures showed yesterday. Rises in deposits with banks abroad and investment in foreign securities boosted Saudi Arabian Monetary Agency’s foreign assets to SR509.7 billion ($135.9 billion), figures published on SAMA’s website (www.sama.gov.sa) showed. SAMA’s foreign securities have more than doubled in the year to August to SR268.5 billion from SR106.3 billion. The central bank gives no breakdown by currency or country for its foreign investments. Record crude prices have boosted Saudi export revenues, pouring more cash into the economy. M3 money supply in August reached SR524.3 billion, up 16 percent from its level a year ago. But it was down 0.5 percent from its level in July 2005, SAMA figures showed, probably because of cash withdrawals by Saudi nationals traveling abroad for summer vacations.
