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UAE money supply growth picks up, bank loan growth keeps slowing

A Libyan man changes UAE dirhams to Libyan dinar in an exchange office in Tripoli March 30, 2014.

A Libyan man changes UAE dirhams to Libyan dinar in an exchange office in Tripoli March 30, 2014.

Reuters/Ismail Zitouny
March 20 (Reuters) - Money supply growth in the United Arab Emirates picked up in February, partly because of an increase in government deposits in the banking system, central bank data showed on Monday.

But annual growth in bank lending slowed to its weakest since at least March 2014, when the data series began.

UAE MONEY SUPPLY END-FEB 17 END-JAN 17 END-FEB 16
M1 change yr/yr (pct) 3.1 1.4 5.3
M2 change yr/yr  4.2 3 4
M2-M1 pct change yr/yr   4.9 4.1 3.2
M3 pct change yr/yr 6.7 4.8 1.5
Loans & advances yr/yr*  5.4 5.7 7.9

NOTE. * gross. Some year-earlier money supply figures are slightly revised.

Bank deposits, which totalled 1.562 trillion dirhams in January, increased by 19.5 billion dirhams month-on-month in February because of a 24.7 billion dirham rise in resident deposits, which eclipsed a 5.2 billion dirham fall in non-resident deposits. Government deposits rose by 12.9 billion dirhams.

(Reporting by Andrew Torchia; Editing by Andrew Heavens) ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
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