The Central Bank announced that the Money Supply aggregate M1 decreased by 2%, from AED 540.4 billion at the end of January 2020 to AED 529.4 billion at the end of February 2020.
The Money Supply aggregate M2 also decreased by 0.04%, from AED 1426.8 billion at the end of January 2020 to AED 1426.3 billion at the end of February 2020.
The Money Supply aggregate M3 increased by 0.2%, from AED 1689.7 billion at the end of January 2020 to AED 1693.7 billion at the end of February 2020.
The fall in M1 was due to AED 12.7 billion reduction in Monetary Deposits, overshadowing AED 1.7 billion increase in Currency in Circulation Outside Banks. M2 decreased due to the reduced M1, dominating an AED 10.5 billion increase in Quasi-Monetary Deposits. M3 mainly increased due to an AED 4.5 billion rise in Government Deposits, overriding the reductions in M1 and M2.
Gross bank assets, including bankers’ acceptances, grew by 0.5%, increasing from AED 3080.3 billion at the end of January 2020 to AED 3095.3 billion at the end of February 2020.
Gross credit also increased by 0.5% from AED 1736.9 billion at the end of January 2020 to AED 1745.5 billion at the end of February 2020.
During February 2020, total bank deposits increased by AED 1.8 billion, attributable to AED 3.6 billion increase in Resident Deposits, overshadowing AED 1.8 billion reduction in Non-Resident Deposits.
Note:
M1 = Currency in circulation outside Banks + Monetary Deposits (current accounts and call accounts at banks)
M2 = M1 + Quasi-monetary Deposits (resident time and saving deposits in Dirhams and resident deposits in foreign currencies)
M3 = M2 + Government Deposits at banks operating in the UAE as well as at the Central Bank.
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