Nawaf Y. Husein
Faculty Member
Msc, CRP , CLBB
Saudi Training Society Member
Institute of Banking
Saudi Arabian Monetary Agency ( SAMA)
P.O.Box : 10820 Riyadh 11443 Saudi Arabia
Tel : + 966 1 463 3000 Ext. 3825
Fax: + 966 1 466 2368
Mobile : + 966 55 48 44 828
http://www.linkedin.com/pub/nawaf-abu-hejleh/28/342/64a
SKYPE : abuhejleh2
Dear Readers,
Please find attached our monthly NCB Saudi Economic Review.
Executive Summary
· OPEC production edged down in June for the first time in five months, as supply disruptions in Libya, and Nigeria more than offset the increase of production by Saudi Arabia.
· Investors rushed to park their assets in the dollar, awaiting uncertainty to clear off, allowing the USD to score large gains against its peers after it was weakened earlier by investors leaving to avoid large volatility and event risk.
· China and India are the largest consumers of gold. Therefore, the curbs over India's gold imports and China's cooling economy play major culprits, beside the Fed's announcement effect, in falling gold prices.
· Coupled with the rise of the local stock market and global economic turmoil, which kept interest rates at all-time lows, we expect time and savings deposits' growth to remain sluggish throughout this year.
· Weaker investor appetite can be attributed to the summer vacation as a large part of traders reap their investment gains and turn to consumer spending locally and internationally. In addition, the start of the Holy month of Ramadan is likely to have limited activity in the market.
· Growth in the depositary base continues to provide opportunities to expand the financing capabilities of the banking system as total deposits reached SAR1.3 trillion during May.
· External trade of non-oil goods for the month of May resulted in an increase in returns from exports by 5.9% Y/Y, amounting a total of SAR16 billion.
Best regards,
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