M1 comprises currency outside banks and demand deposits of businesses, individuals, and government entities in national currency with commercial banks. Currency in circulation refers to notes and coins issued by SAMA less the amount held by commercial banks.
Source: International Monetary Fund
Release: International Financial Statistics
International Monetary Fund, M1 for Saudi Arabia© [MYAGM1SAM189N], retrieved from FRED, Federal Reserve Bank of St. Louis https://research.stlouisfed.org/fred2/series/MYAGM1SAM189N, May 29, 2016.