UAE Central Bank Money Supply aggregate M1 increases to $137.3bln

UAE FINANCIAL SERVICES

ABU DHABI, 26th April, 2017 (WAM) -- The UAE Central Bank has announced that the Money Supply aggregate M1 increased by 3.2%, from AED488.9 billion at the end of February 2017 to AED504.4 billion at the end of March 2017.

In its statement, the bank said, "The Money Supply aggregate M2 increased by 2.3%, from AED1244.2 billion at the end of February 2017 to AED1272.2 billion at the end of March 2017.

The statement added, "The Money Supply aggregate M3 also increased by 1.6%, from AED1442.5 billion at the end of February 2017 to AED1465.8 billion at the end of March 2017."The increase in M1 was mainly due to an increase of AED14.6 billion in Monetary Deposits. The rise in M2 was caused by an increased M1 and an increase of AED12.5 billion in Quasi-Monetary Deposits. M3 mainly rose due to increased M1 and M2, overshadowing a decrease in Government Deposits by AED4.7 billion.

Gross bank assets, including bankers acceptances, increased by 0.8%, rising from AED2626.3 billion at the end of February 2017 to AED2648.3 billion at the end of March 2017. Gross credit increased by 0.7%, rising from AED1585.6 billion at the end of February 2017 to AED1597.2 billion at the end of March 2017.

During March 2017, total bank deposits also increased by AED20.6 billion mainly due to AED23.3 billion increase in Resident Deposits, overriding the AED2.7 billion fall in Non-Resident Deposits.