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UAE Central Bank announces increase in M1 by 1.3%

  • 24 Jan 2019

ABU DHABI: The UAE Central Bank has announced that the Money Supply aggregate M1 increased by 1.3 per cent, from Dhs479.5 billion at the end of November 2018 to Dhs485.6 billion at the end of December 2018.
The Money Supply aggregate M2 increased by 1.6 per cent, from Dhs1288.4 billion at the end of November 2018 to Dhs1308.4 billion at the end of December 2018.
Consequently, the Money Supply aggregate M3 also increased by 0.6 per cent, from Dhs1593.5 billion at the end of November 2018 to Dhs1602.3 billion at the end of December 2018.
The increase in M1 was mainly due to an increase of Dhs6.2 billion in Monetary Deposits, overshadowing an AED0.1 billion reduction in Currency in Circulation outside Banks. The rise in M2 was brought about by the increase in M1 and an Dhs13.9 billion increase in Quasi-Monetary Deposits. M3 mainly rose due to increased M1 and M2, overriding an Dhs11.2 billion decrease in Government Deposits.
Gross bank assets, including bankers’ acceptances, increased by 0.8 per cent, rising from Dhs 2854.3 billion at the end of November 2018 to Dhs2878 billion at the end of December 2018.
Gross credit also increased by 0.2 per cent from Dhs1653.5 billion at the end of November 2018 to Dhs1656.6 billion at the end of December 2018.
During December 2018, total bank deposits increased by Dhs16.8 billion, due to Dhs6.7 billion and Dhs10.1 billion increases in Resident Deposits and Non-Resident Deposits, respectively.

WAM

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