|23 May, 2019

UAE gross bank assets including bankers’ acceptances increase to $800bln

Gross bank assets including bankers’ acceptances increased by 1.1%

Image used for illustrative purpose. United Arab Emirates dirham.

Image used for illustrative purpose. United Arab Emirates dirham.

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ABU DHABI- Gross bank assets including bankers’ acceptances increased by 1.1 percent, rising from AED2.8949 trillion at the end of March 2019 to AED2.9254 trillion at the end of April 2019.

Similarly, Gross credit increased by 0.1 percent from AED1.6751 trillion at the end of March 2019 to AED1.6769 trillion at the end of April 2019. During April 2019, total bank deposits swelled by AED25.1 billion, due to an AED27.6 billion increase in Resident Deposits, superseding a diminution of AED2.5 billion in Non-Resident Deposits.

The UAE Central Bank has announced that the Money Supply aggregate M1 fell by 0.9 percent from AED512 billion at the end of March 2019 to AED507.3 billion at the end of April 2019.

The Money Supply aggregate M2 increased by 0.5 percent from AED1328.6 billion at the end of March 2019 to AED1335.1 billion at the end of April 2019. The Money Supply aggregate M3 also rose by 0.2 percent from AED1631.7 billion at the end of March 2019 to AED1635.6 billion at the end of April 2019. The reduction in M1 was mainly due to a fall of AED5.5 billion in Monetary Deposits, overriding an AED0.8 billion increase in Currency in Circulation outside Banks.

M2 mainly rose owing to an AED11.2 billion increase in Quasi-Monetary Deposits, overshadowing the reduction in M1. M3 mainly rose due to an elevated M2, dominating an AED2.6 billion decrease in Government Deposits.

© Copyright Emirates News Agency (WAM) 2019.

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