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Saudi money growth points to stable inflation

Saudi Arabia's annual money supply growth eased slightly in June suggesting to analysts that inflation could stabilise at the near three-decade high of 10.4 per cent it reached a month earlier.

  • Reuters
  • Published: 00:05 July 29, 2008
  • Gulf News

Riyadh: Saudi Arabia's annual money supply growth eased slightly in June suggesting to analysts that inflation could stabilise at the near three-decade high of 10.4 per cent it reached a month earlier.

M3, the broadest measure of money circulating in the economy, hit 860.7 billion Saudi riyals ($229.5 billion) on June 30, up 21.3 per cent from a year earlier, the Saudi Arabian Monetary Agency (Sama) said in a monthly report on its website.

M3's annual growth was at 21.6 per cent in May.

Demand deposits grew an annual 32.1 per cent in June to 351.55 billion riyals versus an annual 30.6 per cent rise in May, the data showed.

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