|22 July, 2019

UAE’s M1 edge up 0.1% in June – central bank

Gross credit rose slightly to $461bln at the end of June

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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UAE –  The UAE’s money supply aggregate M1 edged up by 0.1% to AED 507.9 billion at the end of June 2019, versus AED 507.2 billion at the end of May 2019, according to a report by the Central Bank of the UAE.

The money supply aggregate M2 increased by 2.2% as at end-June to AED 1.351 trillion from AED 1.321 trillion at the end of May 2019, the report showed.

Moreover, the money supply aggregate M3 went up 1.6% at the end of June to AED 1.645 trillion from AED 1.619 trillion at the end of May.

Gross bank assets, including bankers’ acceptances, stood at AED 2.958 trillion at the end of June, rising by 1.6% climbing from AED 2.912 trillion at the end of May, the central bank highlighted.

Meanwhile, gross credit rose slightly by 0.7% to AED 1.692 trillion at the end of June from AED 1.681 billion at the end of May.

Total bank deposits grew by AED 15.4 billion in June on the back of an increase of AED 28 billion in resident deposits, “dominating a waning of AED 12.6 billion in non-resident deposits,” the CBUAE noted.

Source: Mubasher

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