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Economic Developments 4th 2008

Source: Saudi Arabian Monetary Agency

First: Monetary Developments

Broad money (M3) rose by 4.6 percent (Rls 40.6 billion) to Rls 929.1 billion during the fourth quarter of 2008 compared to an increase of 3.2 percent (Rls 27.8 billion) during the preceding quarter. It registered an annual growth rate of 17.6 percent (Rls 139.4 billion).

An analysis of the components of money supply (M3) indicates that (M1) declined by 1.8 percent (Rls 7.5 billion) to Rls 425.5 billion, or 45.8 percent of total money supply (M3) during the fourth quarter of 2008 compared to a decline of 2.6 percent (Rls 11.2 billion) in the preceding quarter. Money supply (M1) registered an annual rise of 10.9 percent (Rls 41.9 billion) at the end of the fourth quarter of 2008.

Money supply (M2) went up by 6.5 percent (Rls 48.7 billion) to Rls 793.1 billion, or 85.4 percent of total money supply (M3) during the fourth quarter of 2008, against a rise of 4.6 percent (Rls 32.5 billion) in the preceding quarter. Money supply (M2) recorded an annual increase of 19.0 percent (Rls 126.5 billion) at the end of the fourth quarter of 2008.

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