Saudi Economy Liquidity Reaches All-Time High of SR2.8 Trillion in March 2024: SAMA Bulletin
The Saudi economy experienced strong liquidity growth, reaching a peak of SR2,823.75 billion in March 2024, representing an annual increase of 8.3% or over SR215 billion compared to the same period in 2023.
Liquidity levels also grew by 2.5% monthly, adding about SR67553 million, bringing the total from SR2,756.19 billion in February 2024.
This robust liquidity supports economic activity, contributes to GDP growth, and aligns with the goals of Saudi Vision 2030, demonstrating the stability and resilience of the banking and financial sector.
The text discusses the growth in liquidity in Saudi Arabia, which is primarily due to an increase in the total money supply (M3) and demand deposits, making up 49.8% of the total money supply with a value of SR1,407 billion.
This resulted in an annual growth of over SR52,722 million, or 3.9%, and a monthly growth of over SR59,864 million.
Time deposits and savings deposits, contributing 29.9% to the total money supply with a value of SR843 billion, also experienced annual growth exceeding SR144 billion.
The text reports an increase in total money supply (M3) in Saudi Arabia, reaching SR881,119 million by the end of February 2024, up from SR838,533 million in March 2023, marking a 9.3% increase.
Monthly growth was 0.6%, with an additional SR4 billion.
Cash in circulation outside banks contributed approximately 8.1% to the total money supply, amounting to SR227,491 million, with an annual growth rate of 9.6%, or over SR19,938 million.
Monthly growth was 4.4%, or over SR9,514 million.
Quasi-cash deposits contributed around 12.2% or SR345.892 billion to the total deposits in Saudi Arabia.
These deposits include resident deposits in foreign currencies, deposits against documentary credits, existing transfers, and repo operations conducted by banks with the private sector.