The UAE Central Bank has announced that gross bank assets, including bankers’ acceptances, rose by 0.3 per cent, increasing from Dhs2,975.8 billion at the end of July 2019, to Dhs2,983.4 billion at the end of August 2019.

The gross credit grew by 0.2 per cent from Dhs1,705 billion at the end of July 2019, to Dhs1,707.6 billion at the end of August 2019, said a press release issued by the Central Bank on Sunday,

The Money Supply aggregate M1 increased by 1.3 per cent, from Dhs502.7 billion at the end of July 2019, to Dhs509 billion at the end of August 2019.

The Money Supply aggregate M2 dropped by 0.1 per cent, from Dhs1,363.8 billion at the end of July 2019, to Dhs1,362.4 billion at the end of August 2019.

The Money Supply aggregate M3 also decreased by 0.6 per cent, from Dhs1,642.5 billion at the end of July 2019, to Dhs1,632.2 billion at the end of August 2019.

The rise in M1 was due to growth of Dhs7.2 billion in Monetary Deposits, dominating an Dhs0.9 billion reduction in Currency in Circulation Outside Banks. M2 tumbled essentially due to a decrease of Dhs7.7billion in Quasi-Monetary Deposits, overriding the increase in M1. However, M3 declined due to the reduction in M2 and an Dhs8.9 billion drop in Government Deposits.

During August 2019, total bank deposits decreased by Dhs14 billion, attributable to an Dhs7.5 billion reduction in Resident Deposits plus an Dhs6.5 billion reduction in Non-Resident Deposits.

WAM