- Dr. Ahmed Al-Kholifey said the data had improved since earlier in the year after an annual decline in money supply at the end of July 2018
JEDDAH: Saudi Arabia’s central bank governor said on Monday that the Kingdom’s current account is expected to record a surplus in the second quarter of this year worth SR71 billion ($19billion).
Dr. Ahmed Al-Kholifey, who heads the Saudi Arabian Monetary Authority (SAMA), said the data had improved since earlier in the year after an annual decline in money supply at the end of July 2018 of less than 1percent, the Saudi press Agency reported. This was due to a decrease in the volume of time deposits and savings by 11%.
Speaking at the SAMA headquarters in Riyadh to highlight the bank’s 54th annual report, Al-Kholifey said the monetary base grew by 2.2 percent in July 2018 compared to the same month last year.
The bank loans to the private sector recorded a rise in July 2018 by less than 1% compared to last year's decline by 1.5 percent.
Meanwhile, consumer loans recorded an annual growth rate of 1 percent in the second quarter of 2018. Loans of small and medium enterprises increased to 3.9 percent of total loans during the second quarter, compared to 2 percent last year.