|22 September, 2019

Total gross bank assets in August $812bln: UAE Central Bank

The gross credit grew by 0.2%

General view of Central Bank of The U.A.E. on January 3, 2017 in Dubai, United Arab Emirates.

General view of Central Bank of The U.A.E. on January 3, 2017 in Dubai, United Arab Emirates.

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ABU DHABI- The UAE Central Bank has announced that gross bank assets, including bankers’ acceptances, rose by 0.3 percent, increasing from AED 2975.8 billion at the end of July 2019, to AED2983.4 billion at the end of August 2019.

The gross credit grew by 0.2 percent from AED1705 billion at the end of July 2019, to AED1707.6 billion at the end of August 2019, said a press release issued by the Central Bank on Sunday, The Money Supply aggregate M1 increased by 1.3 percent, from AED502.7 billion at the end of July 2019, to AED509 billion at the end of August 2019.

The Money Supply aggregate M2 dropped by 0.1 percent, from AED1363.8 billion at the end of July 2019, to AED1362.4 billion at the end of August 2019. The Money Supply aggregate M3 also decreased by 0.6 percent, from AED1642.5 billion at the end of July 2019, to AED1632.2 billion at the end of August 2019.

The rise in M1 was due to growth of AED7.2 billion in Monetary Deposits, dominating an AED0.9 billion reduction in Currency in Circulation Outside Banks. M2 tumbled essentially due to a decrease of AED7.7billion in Quasi-Monetary Deposits, overriding the increase in M1. However, M3 declined due to the reduction in M2 and an AED8.9 billion drop in Government Deposits. During August 2019, total bank deposits decreased by AED14 billion, attributable to an AED7.5 billion reduction in Resident Deposits plus an AED6.5 billion reduction in Non-Resident Deposits.

© Copyright Emirates News Agency (WAM) 2019.

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