UAE Central Bank Announces M1 Rises By 0.1%

Sumaira FH Published July 22, 2019 | 12:45 PM

The Central Bank has announced that the Money Supply aggregate M1 ascended by 0.1%, from AED507.2 billion at the end of May 2019 to AED507.9 billion at the end of June 2019

ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 22nd Jul, 2019) The Central Bank has announced that the Money Supply aggregate M1 ascended by 0.1%, from AED507.2 billion at the end of May 2019 to AED507.9 billion at the end of June 2019.

The Money Supply aggregate M2 rose by 2.2%, from AED1321.3 billion at the end of May 2019 to AED1351 billion at the end of June 2019.

The Money Supply aggregate M3 also scaled by 1.6%, from AED1619.1 billion at the end of May 2019 to AED1645.4 billion at the end of June 2019. The surge in M1 was mainly due to an increase of AED2 billion in Monetary Deposits, overriding an AED1.3 billion decline in Currency in Circulation outside Banks.

M2 largely swelled owing to an enlarged M1 and an AED29 billion growth in Quasi-Monetary Deposits.

M3 expanded due to increased M1 and M2, superseding an AED3.4 billion lessening of Government Deposits.

Gross bank assets, including bankers’ acceptances, augmented by 1.6%, climbing from AED2912.9 billion at the end of May 2019 to AED2958.6 billion at the end of June 2019.

Gross credit increased by 0.7% from AED1681.4billion at the end of May 2019 to AED1692.7 billion at the end of June 2019.

During June 2019, total bank deposits grew by AED15.4 billion, attributable to an AED28 billion rise in Resident Deposits, dominating a waning of AED12.6 billion in Non-Resident Deposits.