Complex Made Simple

Saudi money supply growth hit 17-month low in May

According to figures by the Saudi Arabian Monetary Agency (Sama), the kingdom's M3 money supply growth eased to a 17-month low of 7.7% year-on-year at the end of May, after an 8% rise in the previous month, Saudi Gazette has reported. Bank lending to the private sector decelerated slightly to 13% in May from a three-year high of 13.3% in the previous month. The central bank's net foreign assets reached a record high of SR2.19trn ($583bn), the data also showed.