At the monetary level, M3 money supply
and financing to the economy grew, in 2009, by 12.1% and 10.5% respectively compared to 2008.
Growth of the wider M3 money supply
indicator, which measures cash, deposits and various other financial items, fell to 1.8 percent in September from a revised 2.6 percent in August, the spokesman said.
Japan's M3 money supply
rose 2.0 percent in August from a year ago, separate data from the BOJ showed on Tuesday.
M3 money supply
growth, which takes into account foreign-currency deposits as well as longer-term time deposits, stood at 16.9 per cent in May compared with 18.3 per cent in April.
According to SAMA's annual report, the M3 money supply
(M2 plus large time deposits), rose 7.77 per cent to 10,001.3 billion riyals against 929.1 billion as of the end of last December.
M3 money supply
is estimated to be increasing by around 10 per cent per annum while above-ground gold reserves are increasing by only 2 per cent per annum.
The M3 money supply
(adjusted for MMMFs) actually declined for the first two years, before a third year growth rate of 1.88% raised the whole period rate to a meager 1.31%.
Meanwhile, euro zone M3 money supply
growth slowed sharply to 4.7 per cent in May from the 5.5 per cent recorded in April, according to data from the European Central Bank yesterday.
Congressman Ron Paul (R-Texas), who sits on the domestic monetary policy subcommittee, observed not long ago that Alan Greenspan and other policymakers of the Fed have "more than doubled the M3 money supply
in less than ten years." However, running more Federal Reserve notes off the printing presses does not make Americans richer--it dilutes purchasing power.