Saudi money supply growth eases in February

01 Apr 2010

(MENAFN) The Saudi Arabian Monetary Agency (SAMA) said that the annual growth in the Kingdom’s M3 money supply slowed in February for a fifth straight month, Reuters reported.

M3 grew 5.6 percent in February year-on-year, down from 8.3 percent in January, due mainly to a near 10 percent drop in time and savings deposits, data published SAMA showed.

Inflation in Saudi Arabia accelerated to an annual 4.6 percent in February, its highest level since June and up from 4.1 percent in January after a rise in food costs.

SAMA said last month that housing will keep inflation rising during the first quarter but a stabilization in food prices will keep it below the 1.5 percent recorded in the previous quarter.

Meanwhile, profits generated by Saudi commercial banks, including the 11 listed ones, fell about 14.8 percent in the January-February period, central bank data showed ahead of first-quarter earnings announcements.

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