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RIYADH: The M3 monetary aggregate, known as 鈥渂road money,鈥� posted an annual growth rate of 7.9 percent in October, having decelerated slightly from the September value of 8.4 percent, according to data published by the Saudi Central Bank.
On a monthly basis, the M3 indicator grew by SR10.6 billion ($2.8 billion) in October, or 0.5 percent from the previous month.
The monthly increase in M3 money supply was driven mainly by the SR15.1 billion increase in time and saving deposits, which grew 3.3 percent month-on-month, the fastest rate of growth since October 2020. Demand deposits fell by SR4.5 billion, or 0.2 percent, to SR1.324 trillion as of Oct. 31.