RIYADH: Saudi Arabia’s M3 monetary aggregate, known as “broad money,” grew in May by SR171.6 billion ($45.7 billion) from the same month a year ago to SR2.38 trillion.

M3 money supply, a benchmark indicator for liquidity in Saudi Arabia’s monetary system, increased by 7.8 percent from SR2.21 trillion in May last year, according to data published on Saudi Central Bank website on Tuesday.

The annual growth rate in May was the slowest since December 2021. It slowed down from 8.7 percent in April. 

Looking at the year-on-year changes in components of the M3 aggregate, time and saving deposits grew by SR78.3 billion to SR517.4 billion. Other quasi-money deposits and demand deposits increased by SR60 billion and SR38.8 billion to SR297.8 billion and SR1.36 trillion, respectively. Currency outside banks decreased by SR5.6 billion to SR206.6 billion over the same period.

The M3 money supply slipped 0.5 percent from its level in April.