UAE Central Bank Announces M1 Increase to AED 509.7Source: www.export-egypt.com 3/28/2018, Location: Middle East |
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The Central Bank has announced that the Money Supply aggregate M1 increased by 2.3 percent, from AED498 billion at the end of January 2018 to AED509.7 billion at the end of February 2018.
In a statement, the bank said, "The Money Supply aggregate M2 increased by 0.6 percent, from AED1277.2 billion at the end of January 2018 to AED1284.9 billion at the end of February 2018. It added, "The Money Supply aggregate M3 also increased by 0.4 percent, from AED1480.9 billion at the end of January 2018 to AED1486.3 billion at the end of February 2018. "The increase in M1 was mainly due to a rise of AED10 billion in Monetary Deposits. The increase in M2 was brought about by the increase in M1, overshadowing an AED4 billion reduction in Quasi-Monetary Deposits. M3 mainly rose due to increases in M1 and M2, overshadowing the decrease of AED 2.3 billion in Government Deposits. "Gross bank assets, including bankers’ acceptances, increased by 0.7 percent, rising from AED2688.1 billion at the end of January 2018 to AED2707 billion at the end of February 2018. "Gross credit increased by 0.5 percent from AED1587.9 billion at the end of January 2018 to AED1596.4 billion at the end of February 2018. "During February 2018, total bank deposits decreased by AED1.4 billion, mainly due to an AED3.3 billion reduction in Non-Resident Deposits, overshadowing AED1.9 billion increase in Resident Deposits." |
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