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| 24 September, 2017

Money supply in UAE decreased by 0.9%: Central Bank

Image used for illustrative purpose.
Both gross bank assets and gross credit decreased by 0.7 and 1% in the UAE, respectively.

Image used for illustrative purpose. Both gross bank assets and gross credit decreased by 0.7 and 1% in the UAE, respectively.

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Dubai: The UAE Central Bank said yesterday that the country’s money supply in different measures has decreased during the month of August 2017 by 0.9 per cent.

In its monthly statements, the Central Bank figures showed that the decrease ranged between 1.5 for M2 (money in circulation and short term deposits) to 0.6 per cent for M3, (which includes M2 and long-term deposits).

Both Gross bank assets and Gross credit decreased by 0.7 and 1 per cent respectively at the end of August 2017, the statement said.

The reduction in the bank deposits by Dh10 billion is due to the reduction of deposits of both residents and non-residents, the statement carried by WAM said.

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