Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi - SAMA's foreign assets expand by 13% to SR2.66 trillion  Join our daily free Newsletter

MENAFN - Arab News - 08/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) Saudi Arabia's monetary system continues to be awash with liquidity over the past few years as elevated oil prices and increased production resulted in higher revenues.



Following 32 months of consecutive annual gains, the monetary base (M0) recorded its annual contraction of 9.7 percent, settling at SR302.5 billion.



While the base effect greatly contributes to the decline, M0 also declined on a monthly basis by 0.9 percent, the National Commercial Bank (NCB) said in its latest report



Saudi bank reserves recorded a large drop during October, falling by 19.6 percent. Banks' deposits with Saudi Arabian Monetary Agency (SAMA), which constitute over 80 percent of bank reserves, dropped by SR35.8 billion over the past twelve months. Moreover, cash in vault settled 10.6 percent lower on an annual basis to SR24.2 billion, the NCB report said

By the end of last year, banks' excess reserves ratio which is represented by deposits with SAMA other than statutory deposits reached 64.6 percent given the liquid state of the market. The ratio plunged to 40.5 percent during October as banks opt to utilize their assets by offering credit coupled with the government's attempt to contain liquidity by issuing T-bills. Additionally, currency outside banks reached SR144.2 billion, an increase of 4.5 percent annually, as the crackdown on illegal workers spiked cash handling



As for the money supply (M3), the NCB report said, growth decelerated accordingly to 10.4 percent Y/Y from 13.4 percent during the previous month. Demand deposits, the largest component of M3, was the main driver as it expanded by 16.4 percent during October. The non-yielding asset is favored by businesses and individuals as time and savings deposits were almost stagnant with a minor increase of 0.4 percent annually.



As the US contemplates tapering in the next couple of months, the bank said time and savings deposits to remain relatively stable as investors assess the effects on interest rates and the bonds market. The smallest component of M3, other quasi-monetary deposits, accelerated by 9.2 percent Y/Y.



The NCB report said, SAMA was able to expand their net foreign assets by 13.1 percent annually to reach a record SR2.66 trillion. The financial system's position is reasonably strong to withstand any external shocks whether regional or global as SAMA's prudent guidelines directed banks to safer grounds

The rebased headline inflation rate recorded its third annual deceleration as the index posted a 3.0 percent annual rise. Domestic consumer prices have been somewhat contained and within an acceptable range given the economic expansion experienced in the local economy. The Reuters/Jefferies CRB index, a global commodities gauge, dropped 2.7 percent during October. Accordingly, the foodstuff sub-index decelerated to 5.2 percent, the lowest level in eleven months. The category of housing and utilities also slowed to 3.5 percent Y/Y during October. The education sub-index increased to 3.7 percent from 1.7 percent during the previous month. Private schools have increased their tuition fees to cover rising costs. This academic year, 49 percent of private schools filed to raise their fees with only 21 percent of applicants approved. The range of price hikes was between 5 percent-20 percent, according to the General Manager of Private and Foreign Education from the Ministry of Education

 


Arab News




  MENA News Headlines
 Sep 15 2014 - Qatari-Turkish TalksQatar News Agency
(MENAFN - QNA) An official session of talks was held today at the Emiri Diwan between HH the Emir Sheikh Tamim bin Hamad Al-Thani and Turkish President Recep Tayyip Erodogan. During the session HH ...

 Sep 15 2014 - Qatar- HH the Emir Issues Laws /For Local Press/Qatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani issued today Law No. 14 of 2014 issuing law on combating cyber crime. HH the Emir issued Law No. 15 of 2014 regulating charitable ...

 Sep 15 2014 - Qatar- Economy Ministry Launches Three-Month Inspection CampaignQatar News Agency
(MENAFN - QNA) The Ministry of Economy and Commerce stressed the need to adhere to consumer protection act and guarantees given to customers after sales service in order to preserve their ...

 Sep 15 2014 - Peace and Security Conference Opens in ParisQatar News Agency
(MENAFN - QNA) the International Conference on the Peace and Security of Iraq opened here under the co-chairmanship of French President Francois Hollande and Iraqi Prime Minister Fuad ...

 Sep 15 2014 - Philippines braces for impact of powerful typhoonKhaleej Times
(MENAFN - Khaleej Times) The typhoon is expected to hit the northeastern side of the main island of Luzon around sundown with residents prepared for the worst.Manila — Philippine communities on ...

 Sep 15 2014 - Mayor sees red as law disallows beaconsKhaleej Times
(MENAFN - Khaleej Times) Mayors preside over meetings of the elected officials of the civic body.Mayors in Indian cities unlike in many other countries occupy largely ceremonial posts. In Mumbai the ...

 Sep 15 2014 - Returnee nurses gear up for agitationKhaleej Times
(MENAFN - Khaleej Times) A spokesman of the association said they will launch the agitation with a sit-in before the secretariat.Trivandrum - More than 200 nurses who returned to Kerala from the ...

 Sep 15 2014 - Andhra Pradesh seeks special category statusKhaleej Times
(MENAFN - Khaleej Times) The cash-starved residuary state of Andhra Pradesh has reiterated its demand for special category status and liberal grants from the centre for the next five years to boost ...

 Sep 15 2014 - North Korea sentences US man to 6 years of hard laborKhaleej Times
(MENAFN - Khaleej Times) North Koreas Supreme Court on Sunday sentenced a 24-year-old American man to six years of hard labor for entering the country illegally and trying to commit espionage.At a ...

 Sep 15 2014 - Death toll now 40 in Nigeria building collapse: rescuersKhaleej Times
(MENAFN - Khaleej Times) The two-storey building located in the sprawling compound of the vast church complex came down on Friday afternoon.Forty people have now died as a result of a building ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help