RIYADH – Saudi Arabia’s M3 money supply growth eased to a 17-month low of 7.7 percent year-on-year at the end of May, after an 8 percent rise in the previous month, central bank data showed Tuesday.
Bank lending to the private sector decelerated slightly to 13 per cent in May from a three-year high of 13.3 percent in the previous month. The central bank’s net foreign assets reached a record high of SR2.19 trillion ($583 billion), the data also showed.
Meanwhile, Saudi banks again cautioned its customers from responding to deceptive advertising that claims.
Banks advise customers of a number of common mistakes committed by many in good faith, such as responding to phone calls from alleged bank employees requesting customers to update their personal information to avoid freezing of account. The only way to update account information is through bank branches. – SG