Saudi M3 money supply hits fresh record in May 2019

Saudi Arabia’s M3 money supply growth rose 5 percent year-on-year (YoY) to a new record of SAR 1.87 trillion in May 2019, data from the Saudi Arabian Monetary Authority (SAMA) showed.

This growth is the highest since November 2015, driven by driven by higher demand and time deposits, as well improved lending by banks, the Kingdom’s central bank said.

The loans provided by banks to the private sector hit an all-time high of SAR 1.47 trillion – a rise of 3 percent YoY, it added.

Money Supply Index (M3) (SAR bln)
Period	May 2018	May 2019	Variation
Money Supply M3	1,779	1,867	+5%

M3 money supply rose at a compound annual growth rate (CAGR) of 7 percent in the last decade.

Money Supply M3 for May Since 2010 (SAR bln)
Period	Money Supply	Variation
2019	1,867	+5%
2018	1,779	+1%
2017	1,769	+0.4%
2016	1,762	(3%)
2015	1,818	+10%
2014	1,648	+12%
2013	1,470	+16%
2012	1,265	+8%
2011	1,175	+16%
2010	1,012	+3%

The following is Saudi Arabia’s M3 monthly growth between 2018 and 2019:

Monthly Money Supply (M3) Growth (SAR bln)
Month	2018	2019	Variation
May	1,779	1,867	+5%
April	1,785	1,835	+3%
March	1,782	1,813	+2%
February	1,788	1,816	+2%
January	1,795	1,815	+1%

M3 money supply growth, includes demand and time deposits along with currency outside banks. The following is Saudi Arabia’s M3 money supply growth since January 2019:

Money Supply (M3) Breakdown in 2019 (SAR bln)
Month	Demand deposits	Time deposits	Other deposits	Cash circulating outside banks	Total
May	1,057.3	439.2	173.2	196.9	1,866.5
April	1,052.2	423.2	174.1	185.8	1,835.3
March	1,033.4	425.5	169.8	184.7	1,813.4
February	1,032.2	431.2	170.2	182.3	1,815.9
January	1,034.1	429.7	170.1	181.1	1,815.0

The Kingdom’s M3 money supply growth was mainly attributed to a 3 percent YoY rise in demand deposits– which mainly represent current accounts – to SAR 1.057 trillion, or 57 percent of total deposits.

Saudi Banks’ Demand Deposits (SAR bln)
Month	2018	2019	Variation
May	1,031.5	1,057.3	+3%
April	1,033.8	1,052.2	+2%
March	1,011.0	1,033.4	+2%
February	1,008.0	1,032.2	+2%
January	1,024.5	1,034.1	+1%

Time and savings deposits increased 8 percent YoY to SAR 439.2 billion in May.

Saudi Banks’ Time Deposits and Savings Deposits (SAR bln)
Month	2018	2019	Variation
May	405.7	439.2	+8%
April	404.9	423.2	+5%
March	430.1	425.5	(1%)
February	428.3	431.2	+1%
January	427.8	429.7	+0.4%

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