Deposits with SAMA reached record SR 197.8 bn in December

The Saudi economy continues to maintain an upward trajectory and record robust growth figures despite the fragility of the global economy. This has been partially driven by utilizing large amounts of excess

liquidity due to the large influx of oil revenues. The monetary base (M0) recorded a substantial 17.2 percent growth by the end of 2012, almost matching 2011's 17.4 percent. The increase was mainly driven by the cyclical increase in deposits with SAMA (Saudi Arabian Monetary Agency) during the fourth quarter of the fiscal year which has been apparent over the past five years as banks overhaul their balance sheets for annual reporting toward the end of the year, according to a report by the National Commercial Bank.

Deposits with SAMA expanded by 24.2 percent to reach a record SR 197.8 billion in December. In addition, currency outside banks recorded a growth of 11.0 percent Y/Y to reach SR 133.1 billion by the end of the year.
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