UAE Central Bank Announces M1 Increases By 1.3%

Faizan Hashmi Published January 24, 2019 | 12:45 PM

ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 24th Jan, 2019) The UAE Central Bank has announced that the Money Supply aggregate M1 increased by 1.3 percent, from AED479.5 billion at the end of November 2018 to AED485.6 billion at the end of December 2018.

The Money Supply aggregate M2 increased by 1.6 percent, from AED1288.4 billion at the end of November 2018 to AED1308.4 billion at the end of December 2018.

Consequently, the Money Supply aggregate M3 also increased by 0.6 percent, from AED1593.5 billion at the end of November 2018 to AED1602.3 billion at the end of December 2018.

The increase in M1 was mainly due to an increase of AED6.2 billion in Monetary Deposits, overshadowing an AED0.1 billion reduction in Currency in Circulation outside Banks.

The rise in M2 was brought about by the increase in M1 and an AED13.9 billion increase in Quasi-Monetary Deposits. M3 mainly rose due to increased M1 and M2, overriding an AED11.2 billion decrease in Government Deposits.

Gross bank assets, including bankers’ acceptances, increased by 0.8 percent, rising from AED 2854.3 billion at the end of November 2018 to AED2878 billion at the end of December 2018.

Gross credit also increased by 0.2 percent from AED1653.5 billion at the end of November 2018 to AED1656.6 billion at the end of December 2018.

During December 2018, total bank deposits increased by AED16.8 billion, due to AED6.7 billion and AED10.1 billion increases in Resident Deposits and Non-Resident Deposits, respectively.