Balance of Payments: According to SAMA preliminary data, trade balance is projected to record a surplus of SR 460.3 billion in 2005 compared to SR 317.3 billion in 2004, an increase of 45.1%. Non-oil exports are projected to grow by 20.6 per cent in 2005 totaling SR 69 billion, representing 10.5 per cent of total goods exported. In addition, current account is projected to record a surplus amounting to SR 326.5 billion in 2005 compared to SR 194.7 billion in 2004, an increase of 67.7%. 4- Money and Banking: Fiscal and monetary policies continued to aim at price and exchange rate stability. The broad money supply during the first ten months of 2005 grew by 9.2 per cent compared to 9.2 per cent compared to 9.6 per cent in the same period of the previous year. With regard to banking sector, Bank deposits recorded a growth of 9 per cent during the first ten months of 2005, total banks claims on public and private sectors increased by 18.1 per cent; also their capital and reserves increased by 23.4 per cent reaching SR 64.5 billion. 5- Other Developments: The government continues to pursue appropriate structural policies and initiatives with the aim of enhancing business environment. These include: a- The Capital Market Authority continued to regulate and monitor the capital market with the objective of enhancing efficiency and transparency in securities transactions. In this regard, CMA issued the necessary by-laws required to implement the capital market law. In addition, CMA licensed seven consultancy and portfolio management companies. b- Accession of the Kingdom to the World Trade Organization (WTO). c- The signing of a (BOO) project with the private sector in Shoaibah to produce water and electricity, which is the first of four similar projects (the remaining are shogaig, Jubail, and Ras Azour). --MORE 2132 Local Time 1832 GMT
