SAMA’s net foreign assets hit record high
According to figures released by the Saudi Arabian Monetary Agency (SAMA), the kingdom’s M3 money supply growth climbed to 13.6% year-on-year at the end of March, the fastest rate since August 2013, from 13.2% in the previous month, Arab News has reported. SAMA’s net foreign assets climbed to a record high of SR2.717trn ($725bn) in March, up 9.2% from a year ago. It was the slowest rate of increase since February 2011. Bank lending growth to the private sector rebounded to 12.8% during the month from a two-year low of 12.2% in February, the data showed.