28/08/2013
«SAMA» deposit offshore banking drops till 2.6%
Saudi cash jump to 1.56 trillion Riyals… Investments in securities 2 billion
Economic reports for monitoring in the newspaper ' Economic ' has showed through the monthly index, which measures recent fundamental changes during the month of July of the current year through changes to monetary and banking data affecting the economy, beside analyzing trends and comparing monthly periods and previous years, that's what gives the semantics of the change and its causes at the level of economy. Monetary base data revealed high levels till 289.2 billion for July, 2013, to grow her monthly liquidity within 1%, till 1.65 trillion Riyals.
The monetary and banking statistics
Despite recording a slight monthly monetary base growth up to 0.6% at the end of July last year to settle at levels of 289.2 billion Riyals, monetary base also recorded a growth of 7.8% compared to the same period last year, and after measuring their performance with what it was at the beginning of the year, the monetary base declined by 12.1%, consisting of two first reserves of banks, which represents 15% of the total monetary base, which declined every month by 3.6%. Under this aspect, deposit with SAMA plus cash in the Fund, since the deposits of banks with SAMA slipped by 7.7 to 124, 9 billion at the end of July of this year, compared to 135.2 billion for the same period last year. In contrast cash registered a monthly rise by 20.8% to 27.2 billion.
The second aspect is the currency in circulation outside banks has maintained the continuous growth since 2002 to about 146.2 billion at the end of July this year, till about 49% of the components of the monetary base in the Saudi economy. In comparison of the monthly performance the currency in circulation outside the banking system grew by 5.3% compared with 138.9 billion in the previous year. In addition to growth compared to the same period last year by 14.5%.
A review of the levels of liquidity in the Saudi economy at the monthly level and its components, the monthly liquidity levels grew by less than 1% up to 1 trillion; it is the highest since 1994, and the demand deposits had registered a monthly growth by 1.1% to reach 832.5 billion riyals, while the time and savings deposits dropped by 2.5 %to 7–311 billion riyals to record the lowest level since the beginning of this year, other deposits and cash recorded a decline of less than 1 %to 184 billion, consisting of resident foreign currency deposits, and deposits for letters of credit and remittances, and repurchase (repo) carried out by banks with private traders.
On the other side, the foreign net assets of banks 138.3 billion at the end of July, to decline very slightly on a monthly basis. Compared with the same period of last year, registered a decline of 5%.Furthormore, an analysis of the financial status of SAMA's assets, the foreign exchange and gold line to the highest level in its history to reach levels of 202.8 billion after it was at 84.6 billion riyals in 1996. This month has grown by 3.1 %, and 13.6 % when compared to the same period last year. In addition to growth of about 9 % at the end of December 2012 was at 186.2 billion riyals. On the other hand, deposits with banks abroad on a monthly decline by 2.6 % to about 455 billion at the end of July. A comparison of those levels with the same period last year, the deposits have declined 9.1%.
Turning to the reserve assets of SAMA, the numbers shows that it is rising every month by 1% to 2.6 billion riyals, also growing by 14 % compared to the same period of the previous year, which was at 2.3 billion riyals, representing investments in securities abroad about 73.5% of the total reserve assets, to a record 1.9 billion at the end of July last year, with a growth of 1% on a monthly basis. In addition to the growth of such investments by 21%compared to the same period last year. Also recorded reserves of IMF monthly growth averaged 1.1%to 19.9 billion riyals.
On the other hand, foreign currency deposits registered abroad declined every month by around 1% to 627.8 billion riyals, compared to the same period of last year in which it has fallen 21%. As the profits of commercial banks operating in the Saudi economy (including foreign) registered a monthly decline of 6%, equivalent to 203 million, at the level of 3.2 billion during the month of July, where approximately 3.4 billion compared to the previous month since the beginning of the year until the end of July the cumulative profit amounted to 22.2 billion riyals either by Bank reserves has declined on a monthly basis by 4% to 114.5 billion riyals. It has recorded a growth of 10.9 %compared to the same period last year on the system of fast remittances, all amounts transferred by the system to 4.4 billion at the end of July, 2013, falling by 10.3% on a monthly basis, as well as funds transferred through the system dropped by 5.1% compared with the same period last year.
