ABU DHABI:  The Central Bank of the UAE has announced that the Money Supply aggregate M1 fell by 0.02 percent, from AED507.3 billion at the end of April 2019 to AED507.2 billion at the end of May 2019.

In a statement, the bank said that the Money Supply aggregate M2 dropped by 1 percent, from AED1335.1 billion at the end of April 2019 to AED1321.3 billion at the end of May 2019.

The Money Supply aggregate M3 also declined by 1 percent, from AED1635.6 billion at the end of April 2019 to AED1619.1 billion at the end of May 2019.

The reduction in M1 was mainly due to a fall of AED4 billion in Monetary Deposits, overriding an AED3.9 billion increase in Currency in Circulation outside Banks. M2 largely slumped owing to a diminished M1 and an AED13.7 billion reduction in Quasi-Monetary Deposits.

M3 shrank due to reduced M1 and M2, and an AED2.7 billion lessening of Government Deposits.

Gross bank assets, including bankers’ acceptances, lessened by 0.4 percent, dropping from AED2925.4 billion at the end of April 2019 to AED2912.9 billion at the end of May 2019.

Gross credit increased by 0.3 percent from AED1676.9 billion at the end of April 2019 to AED1681.4 billion at the end of May 2019.

During May 2019, total bank deposits diminished by AED14.3 billion, due to an AED17.9 billion reduction in Resident Deposits, superseding an upsurge of AED3.6 billion in Non-Resident Deposits.

© Copyright Emirates News Agency (WAM) 2019.