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Money supply eases to 34.1 per cent.

DUBAI: Growth in Bahraini money supply eased to 34.1 per cent in July on a slower pace of expansion in bank demand deposits, official data showed yesterday.

M3, the broadest measure of money circulating in the economy, hit BD7.62 billion ($20.21bn) on July 31 from BD5.68bn a year earlier, the Central Bank of Bahrain said.

Money supply, an indicator of future inflation, had advanced 36.6pc in June after growing at its slowest pace in eight months in May. In July, funds held in demand deposits advanced 26.3pc to BD1.81bn in July, a slowdown from 34pc in June, the data showed.

Money held in time and savings deposits grew 39pc to BD4.36bn in July, down from 41.6pc growth a month earlier, the data showed.

Bahrain has the region's lowest inflation rate of 3.3pc in August.

Net foreign assets held by Bahrain's central bank surged 42.1pc to BD1.61bn in July, slowing 1.3pc from a month earlier.

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Publication:Gulf Daily News (Manama, Bahrain)
Date:Oct 18, 2008
Words:181
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