|22 January, 2020

M1 aggregates reach $140.1bln in Dec' 2019: UAE Central Bank

Gross bank assets, including bankers’ acceptances, rose by 1.4%

General view of Central Bank of The U.A.E. on January 3, 2017 in Dubai, United Arab Emirates.

General view of Central Bank of The U.A.E. on January 3, 2017 in Dubai, United Arab Emirates.

Gettyimages

ABU DHABI - The UAE Central Bank announced that money supply aggregates for currency circulation outside banks and monetary deposits, M1, increased by 0.5 percent, from AED512.1 billion at the end of November 2019 to AED514.8 billion at the end of December 2019.

According to a press statement released by the Central Bank on Tuesday, money supply aggregates, M2, increased by 2.2 percent, from AED1,380.5 billion at the end of November 2019 to AED1,411.5 billion at the end of December 2019.

The money supply aggregate, M3, also increased by 2.1 percent, from AED1,682.3 billion at the end of November 2019 to AED1,717.4 billion at the end of December 2019, the statement added.

"The rise in M1 was due to AED0.7 billion and AED2 billion increases in currency in circulation outside banks and monetary deposits, respectively. M2 increased due to the increase in M1 and an AED28.3 billion increase in quasi-monetary deposits. M3 mainly increased due to increased M1 and M2, and an AED 4.1 billion increase in government deposits," it noted.

According to Central Bank figures, gross bank assets, including bankers’ acceptances, rose by 1.4 percent, increasing from AED3,043.1 billion at the end of November 2019 to AED3,085.8 billion at the end of December 2019.

Gross credit increased by 2.2 percent from AED1,721.9 billion at the end of November 2019 to AED1,759.2 billion at the end of December 2019, the UAE's banking institution noted.

The Central Bank concluded, "During December 2019, total bank deposits increased by AED50.6 billion, attributable to AED33.6 billion and AED17 billion increases in resident deposits and non-resident deposits, respectively."

© Copyright Emirates News Agency (WAM) 2020.