Money deposits down marginally: UAE Central Bank

UAE Central Bank announces Money Supply aggregate M1

ABU DHABI 21 June 2017: The Central Bank has announced that the Money Supply aggregate M1 decreased by 0.6 per cent, from Dh507.2 billion at the end of April 2017 to Dh504.4 billion at the end of May 2017.

The Money Supply aggregate M2 increased by 0.1 per cent, from Dh1,273.7 billion at the end of April 2017 to Dh1,274.5 billion at the end of May 2017, said Wam.

The Money Supply aggregate M3 also increased by 0.6 per cent, from Dh1,478.3 billion at the end of April 2017 to Dh1,487.6 billion at the end of May 2017.

The decrease in M1 was mainly due to a reduction of Dh4.8 billion in Monetary Deposits. The rise in M2 was caused by an Dh3.6 billion increase in Quasi-Monetary Deposits. M3 mainly rose due to an increased M2 and an Dh8.5 billion increase in Government Deposits.

Gross bank assets, including bankers’ acceptances, increased by 0.9 percent, rising from Dh2,662 billion at the end of April 2017 to Dh2,686 billion at the end of May 2017.

Gross credit increased by 0.2 percent, rising from Dh1,596 billion at the end of April 2017 to Dh1,599.5 billion at the end of May 2017.

During May 2017, total bank deposits also increased by Dh10.6 billion mainly due to Dh12.7 billion increase in Resident Deposits, overriding the Dh2.1 billion fall in Non-Resident Deposits.

By Angel Chan

Dubai Gazette