The latest data released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) indicated that the net foreign assets of the Gulf central banks rose by 6.3 percent in 2024 compared to the previous year, reaching about US$761.9 billion.

The total narrow money supply (M1) in the GCC amounted to about US$801 billion by the end of 2024, marking an increase of 10 percent compared to its level at the end of 2023.

Meanwhile, the broad money supply (M2) reached approximately US$1.763 trillion by the end of 2024, representing a 9.3 percent increase compared to its value at the end of 2023.

Compared to the corresponding quarters of the previous year, the M2 money supply increased in all quarters of 2024, while the M1 money supply recorded a decline in each of the first three quarters of 2023 due to a decrease in the volume of cash deposits.

The data issued by the Centre indicate that demand deposits recorded significant year-on-year monthly increases throughout 2024 compared to the corresponding months of the previous year.

Quasi-money also posted notable monthly growth rates, though at a decelerating pace. Currency in circulation outside banks likewise increased, but at lower rates than quasi-money. This growth contributed to the rise in the money supply (M1).