PHOTO
March 20 (Reuters) - Money supply growth in the United Arab Emirates picked up in February, partly because of an increase in government deposits in the banking system, central bank data showed on Monday.
But annual growth in bank lending slowed to its weakest since at least March 2014, when the data series began.
NOTE. * gross. Some year-earlier money supply figures are slightly revised.
Bank deposits, which totalled 1.562 trillion dirhams in January, increased by 19.5 billion dirhams month-on-month in February because of a 24.7 billion dirham rise in resident deposits, which eclipsed a 5.2 billion dirham fall in non-resident deposits. Government deposits rose by 12.9 billion dirhams.
(Reporting by Andrew Torchia; Editing by Andrew Heavens) ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
But annual growth in bank lending slowed to its weakest since at least March 2014, when the data series began.
| UAE MONEY SUPPLY | END-FEB 17 | END-JAN 17 | END-FEB 16 |
| M1 change yr/yr (pct) | 3.1 | 1.4 | 5.3 |
| M2 change yr/yr | 4.2 | 3 | 4 |
| M2-M1 pct change yr/yr | 4.9 | 4.1 | 3.2 |
| M3 pct change yr/yr | 6.7 | 4.8 | 1.5 |
| Loans & advances yr/yr* | 5.4 | 5.7 | 7.9 |
NOTE. * gross. Some year-earlier money supply figures are slightly revised.
Bank deposits, which totalled 1.562 trillion dirhams in January, increased by 19.5 billion dirhams month-on-month in February because of a 24.7 billion dirham rise in resident deposits, which eclipsed a 5.2 billion dirham fall in non-resident deposits. Government deposits rose by 12.9 billion dirhams.
(Reporting by Andrew Torchia; Editing by Andrew Heavens) ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
