RIYADH: The M3 monetary aggregate, known as “broad money,” posted an annual growth of 8.4 percent, indicating a relative deceleration in money supply compared to August 2021 at 7.9 percent.
On a monthly basis, it grew by SR23.1 billion in September to SR2.27 trillion from SR2.24 trillion in August, posting a growth of 1 percent, according to data published by the Saudi Central Bank.
The monthly increase in M3 money supply was driven mainly by 1.1 percent growth in demand deposits to SR1.33 trillion in September from SR1.31 trillion in August as well as by SR12.2 billion or 4.7 percent increase in other quasi-money deposits which comprise residents’ foreign currency deposits, marginal deposits for LCs, outstanding remittances, and banks repo transactions with the private sector.
