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The UAE Central Bank announced that money supply aggregates for currency circulation outside banks and monetary deposits, M1, increased by 0.5 per cent, from Dhs512.1 billion at the end of November 2019 to Dhs514.8 billion at the end of December 2019.

According to a press statement released by the Central Bank on Tuesday, money supply aggregates, M2, increased by 2.2 per cent, from Dhs1,380.5 billion at the end of November 2019 to Dhs1,411.5 billion at the end of December 2019.

The money supply aggregate, M3, also increased by 2.1 per cent, from Dhs1,682.3 billion at the end of November 2019 to Dhs1,717.4 billion at the end of December 2019, the statement added.

"The rise in M1 was due to Dhs0.7 billion and Dhs2 billion increases in currency in circulation outside banks and monetary deposits, respectively. M2 increased due to the increase in M1 and a Dhs28.3 billion increase in quasi-monetary deposits. M3 mainly increased due to increased M1 and M2, and a Dhs4.1 billion increase in government deposits," it noted.

According to Central Bank figures, gross bank assets, including bankers’ acceptances, rose by 1.4 per cent, increasing from Dhs3,043.1 billion at the end of November 2019 to Dhs3,085.8 billion at the end of December 2019.

Gross credit increased by 2.2 per cent from Dhs1,721.9 billion at the end of November 2019 to Dhs1,759.2 billion at the end of December 2019, the UAE's banking institution noted.

The Central Bank concluded, "During December 2019, total bank deposits increased by Dhs50.6 billion, attributable to Dhs33.6 billion and Dhs17 billion increases in resident deposits and non-resident deposits, respectively."

WAM