Saudi Arabia's Liquidity Hits All-Time High of SAR2.825 Trillion

Saudi Arabia's Liquidity Hits All-Time High of SAR2.825 Trillion
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Saudi Arabia's Liquidity Hits All-Time High of SAR2.825 Trillion

Saudi Arabia's Liquidity Hits All-Time High of SAR2.825 Trillion

Saudi Arabia's liquidity levels continued to grow strongly, reaching SAR2,825,715 million at the end of May 2024, marking an annual growth of approximately 8.6%, reported the Saudi Press Agency on Sunday.

This represented an increase of more than SAR222,928 billion compared to the same period in 2023, which stood at SAR2,602,786 million. These levels reflect the broad money supply (M3) as reported in the Saudi Central Bank (SAMA)'s monthly statistical bulletin for May 2024.

Since the beginning of the year, liquidity has grown by 4%, representing an increase of more than SAR104,757 billion. At the end of January, it stood at SAR2,720,957 million.

Liquidity levels also achieved a monthly growth of approximately 1.2%, with an increase of about SAR32,402 billion compared to the end of April of the same year when it stood at SAR2,793,313 million.

These liquidity levels strongly support economic and commercial activity, contributing effectively to the economic development process and enabling the achievement of the goals of Saudi Vision 2030. This reflects the strength and solidity of the banking and financial sector.

A breakdown of the four components of the broad money supply (M3) is as follows: Demand deposits, the largest contributor to the total money supply (M3) at 49.2%, recorded a level of SAR1,390,893 million at the end of May 2024.

Time and savings deposits, the second-largest contributor to the total money supply (M3) at 31.5%, recorded a level of SAR889,558 million.

Other quasi-money deposits amounted to SAR314,807 million, representing a contribution of approximately 11.1% to the total money supply (M3), making it the third-largest contributor. Lastly, "currency in circulation outside banks" amounted to SAR230,456 million, contributing approximately 8.2% to the total money supply (M3).

Quasi-money deposits consist of residents' deposits in foreign currencies, deposits against letters of credit, outstanding transfers, and repurchase agreements (repos) conducted by banks with the private sector.

Domestic liquidity includes M1, which comprises currency in circulation outside banks in addition to demand deposits only, and M2, which includes M1 plus time and savings deposits. The broad definition, M3, includes M2 plus other quasi-money deposits.



Starbucks Workers Expand Strike in US Cities Including New York

Starbucks workers hold signs as they picket during a strike in front of a Starbucks to demand collective bargaining agreements in Burbank, California on December 20, 2024. (AFP)
Starbucks workers hold signs as they picket during a strike in front of a Starbucks to demand collective bargaining agreements in Burbank, California on December 20, 2024. (AFP)
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Starbucks Workers Expand Strike in US Cities Including New York

Starbucks workers hold signs as they picket during a strike in front of a Starbucks to demand collective bargaining agreements in Burbank, California on December 20, 2024. (AFP)
Starbucks workers hold signs as they picket during a strike in front of a Starbucks to demand collective bargaining agreements in Burbank, California on December 20, 2024. (AFP)

Starbucks workers have expanded their strike to four more US cities, including New York, the union representing over 10,000 baristas said late on Saturday.

The five-day strike, which began on Friday and initially closed Starbucks cafes in Los Angeles, Chicago and Seattle, has added New Jersey, New York, Philadelphia and St. Louis, Workers United said in a statement. It did not say where the New Jersey walkout was occurring.

Starbucks did not immediately respond to a request for comment outside regular business hours.

Talks between the coffee chain and the union hit an impasse with unresolved issues over wages, staffing and schedules, leading to the strike.

The union is striking in 10 cities, also including Columbus, Denver and Pittsburgh, during the busy holiday season that may impact the company's Christmas sales.

Workers United warned on Friday that the strike could reach "hundreds of stores" by Tuesday, Christmas Eve.

Starbucks began negotiations with the union in April. It said this month it had conducted more than eight bargaining sessions, during which 30 agreements had been reached.

The company operates more than 11,000 stores in the United States, employing about 200,000 workers.