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The Saudi Central Bank reported that domestic liquidity, measured as broad money supply M3, stood at SAR 3.138 trillion by the end of November 2025 after rising SAR 193.02 billion from the same period a year earlier when it totaled SAR 2.945 trillion. On a monthly basis the figure edged up SAR 332.2 million or 0.01 percent from the end of October 2025. SAMA data places the annual expansion at 6.6 percent and attributes the steady accumulation to sustained economic activity across key sectors.
Demand deposits formed the largest component of M3 at SAR 1.418 trillion or 45.2 percent according to the central bank’s breakdown. Time and savings deposits followed at SAR 1.170 trillion representing 37.3 percent while quasi-cash deposits contributed SAR 310.3 billion for roughly 10 percent of the total. Currency in circulation outside banks accounted for the remaining SAR 239.5 billion or about 8 percent SAMA figures show with the definitions of M1 as currency plus demand deposits M2 adding time and savings deposits and M3 as the broadest measure that also includes quasi-cash.
A comprehensive economic report covering full-year 2025 placed overall M3 growth at 8.4 percent for the calendar year with the Saudi Central Bank noting an average expansion that supported CPI inflation of 2.0 percent. The same assessment recorded Saudi Central Bank reserve assets rising to the equivalent of 60.6 percent of local-currency money supply by the close of 2025. Subsequent SAMA releases indicated the liquidity trend continued with M3 advancing beyond SAR 3.3 trillion by March 2026 and reaching SAR 3.367 trillion by May 2026.
SAMA quarterly updates for the third quarter of 2025 showed M3 at SAR 3.172 trillion after a 7.8 percent year-on-year increase that aligned with higher demand deposits and time and savings deposits. The central bank linked much of the monetary growth to expanded credit extended to the private sector and accelerated financing for major projects. These developments occurred alongside non-oil revenue gains that have doubled over the past five years according to ministry data that also highlighted efficient public spending as a supporting factor.
Focus Economics compilations placed average M3 growth at 5.9 percent across the decade through 2024 before the rate accelerated to 8.8 percent in 2024 and 8.4 percent in 2025. The Saudi Central Bank has kept inflation contained near 1.8 percent in May 2026 while first-quarter 2026 GDP expanded 3 percent on an annual basis. Liquidity growth has coincided with banking-sector resilience that has facilitated greater financial inclusion and supported Vision 2030 objectives for economic diversification.
