Saudi Arabia’s broad money supply (M3) reached SAR 2,94 trillion in November 2024, marking a 10.3% year-on-year increase from SAR 2.67 trillion in November 2023, according to the Saudi Central Bank’s (SAMA) monthly statistical bulletin.
On a monthly basis, M3 rose by 0.3% from SAR 2.93 trillion in October 2024.
From January to November 2024, the money supply expanded by 8.3%, up from SAR 2.72 trillion at the end of January.
The components of M3 in November 2024 were:
– Demand deposits: 48.8% (SAR 1.43 trillion)
– Time and savings deposits: 33.6% (SAR 989 billion)
– Quasi-cash deposits: 9.9% (SAR 292 billion)
– Currency in circulation outside banks: 7.7% (SAR 226 billion)
Quasi-cash deposits include residents’ foreign currency deposits, deposits secured by letters of credit, outstanding remittances, and repurchase agreements (repos) conducted by banks with the private sector.
M3 encompasses M2 (including M1—currency in circulation outside banks plus demand deposits—along with time and savings deposits) plus quasi-cash deposits.
These liquidity levels are crucial for driving economic and commercial activities, significantly contributing to positive economic growth.
