M1 increased to $129 billion by end of December 2016: UAE Central Bank

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ABU DHABI, 22nd January, 2017 (WAM) -- The UAE Central Bank has announced that the Money Supply aggregate 'M1' increased by 0.3% from AED472.6 billion at the end of November 2016 to AED474.0 billion at the end of December 2016.

In its statement, the bank added that Money Supply aggregate 'M2' increased by 1%, from AED1212.9 billion at the end of November 2016 to AED1225.5 billion at the end of December 2016.

Money Supply aggregate 'M3' also increased, by 1.8%, from AED1385.8 billion at the end of November 2016 to AED1411.4 billion at the end of December 2016.

The increase in M1 was mainly due to an increase of AED1.9 billion in Monetary Deposits. An increase of AED11.2 billion in Quasi-Monetary Deposits caused the rise in M2. M3 increased due to increased M1 & M2 combined with a rise of AED13 billion in Government Deposits.

Gross bank assets, including bankers acceptances, increased by 1.6%, rising from AED2568.7 billion at the end of November 2016 to AED2610.8 billion at the end of December 2016.

Gross credit fell by 0.1%, falling from AED1576.2 billion at the end of November 2016 to AED1574.0 billion at the end of December 2016.

During December 2016, total bank deposits increased by AED41.7 billion due to AED25.9 billion increase in Resident Deposits and AED15.8 billion increase in Non-Resident Deposits.