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Saudi cash supply surges 21.5%

Saudi Arabian annual money-supply growth surged 21.5% last month, its fastest rate this year, central bank data showed on Wednesday.

M3, the broadest measure of money supply, was 725.71 billion riyals ($193.5 billion) on July 31, compared with 597.39 billion riyals on July 31 last year, data on the Saudi Arabian Monetary Agency (SAMA) website showed.
Money supply in the year to June 30 rose 18.4% to 709.30 billion riyals. Monthly growth in money supply was 2.3% in July.

SAMA's net foreign assets grew 31.8% in July to 942.4 billion riyals, compared with the same month last year, the data showed.

Bank claims on the private sector grew 14.3% to 522.55 billion riyals, while Bank deposits were up 22.9% to 659.46 billion riyals, the central bank added.

Foreign assets of 152.01 billion riyals accounted for 15.8% of Saudi banks assets of 960.33 billion riyals.

Saudi Arabia's total reserves, excluding gold, of $24.71 billion was down 9.3% year on year.

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