SAMA released its monthly bulletin on 28 January 2016. Below, we summarise our key takeaways for point-of-sales (POS) data and ATM withdrawals: The value of point-of-sale (POS) transactions rose 7% Y-o-Y in December 2015 (+6% M-o-M), while total ATM cash withdrawals were flattish (+1% Y-o-Y, +7% M-o-M) Combined, POS & ATM withdrawals value was flattish at c2% Y-o-Y in December 2016 (+7% Q-o-Q) For 4Q2015, POS & ATM value rose 4% Y-o-Y (-3% Q-o-Q); our Saudi Arabia retail coverage showed c9% Y-o-Y revenue growth on average in 4Q2015. Monthly patterns have shown a marked deceleration in consumption KPI’s since October 2015, signalling signs of sluggish demand During 2015, the value of POS & ATM withdrawals showed a 9% Y-o-Y increase     All eyes will be on the January 2016 data as these will provide first signs of the impact of the recent subsidy reforms on domestic consumption. (SAMA, Hatem Alaa, Nada Amin)