Money Supply up to AED 59.4 bn by March end: Central Bank

Central Bank of the UAE announced that money supply M0 (currency in circulation + currency at banks) increased by 1.0% from AED 58.8 billion at the end of February 2013 to AED 59.4 billion at the end of March of the same year.

Money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) increased by 3.2%, from AED 317.4 billion at the end of February 2013 to AED 327.4 billion at the end of March of the same year.

Money supply aggregate M2 which comprises of M1and quasi-monetary deposits (resident time and savings deposits in Dirhams, commercial prepayments in Dirhams and resident deposits in foreign currencies), increased by 1.0%, from AED 905.9 billion at the end of February 2013 to AED 915.3 billion at the end of March of the same year.

Money supply aggregate M3 (M2 plus government deposits at bank operating in the UAE as well as at the Central Bank) increased by 2.0% from AED 1,131.7 billion at the end of February 2013 to AED 1,154.7 billion at the end of March of the same year.

Total bank deposits increased by 2.0% during the month of March 2013 to close at AED 1,238.0 billion, as a result of an increase in both resident deposits and non-resident deposits, by 1.9% and 2.2%, respectively. Meanwhile, total bank loans and advances (net of provisions and interest in suspense) increased by 0.7% to reach AED 1,125.8 billion, and total bank assets increased by 1.6% to reach AED 1,877.2 billion, at the end of March 2013.

During the first quarter of 2013, Monetary aggregate M2 increased by 6.1%, while bank loans and advances increased by 2.4% and total bank deposits increased by 6.0%, as a result of an increase in non-resident deposits by 2.5% and an increase in resident deposits by 6.5%; the latter representing 88.9% of total deposits, at the end of March 2013.