A third straight monthly gain for oil is benefitting the Saudi economy, as SAMA FX reserves rose in June by $8.8 billion month-on-month and the non-oil PMI was unchanged at 56.4, indicating continued growth, a recently-released monthly Chartbook by Jadwa Investment for the month of June notes.
The non-oil PMI was unchanged in June, month-on-month, at 56.4.
Large yearly rises were seen in non-oil exports in May, Jadwa said.
SAMA FX reserves rose in June by $8.8 billion month-on-month, to stand at almost $446 billion. A breakdown of FX reserves shows that the monthly increase came mostly from bank deposits.
The broad measure of money supply (M3) rose by 9.1 percent year-on-year, and by 1.2 percent month-on-month in June, according to Jadwa. Total deposits rose by 10.2 percent year-on-year. Within this segment, “demand deposits” were up, and “time and saving deposits” saw its first annual rise since November 2020.
But inflation also rose in Saudi Arabia. Prices in June rose by 6.2 percent year-on-year, and by 0.2 percent month-on-month, Jadwa said. High gasoline prices pushed “transport” prices up for the second month in a row.
[Click here to read the full report from Jadwa Investment] [Arabic]
