(MENAFN - Khaleej Times) The money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks), increased by two per cent, from Dh354.4 billion at the end of September 2013 to Dh361.5 billion at the end of October of the same year.
The money supply aggregate M2, which is comprised of M1 and quasi-monetary deposits (resident time and savings deposits in dirhams, commercial prepayments in dirhams and resident deposits in foreign currencies), increased by 5.1 per cent from Dh955.0 billion at the end of September 2013 to Dh1,003.5 billion at the end of October of the same year. The money supply aggregate M3 (M2 plus government deposits at banks operating in the UAE as well as at the Central Bank) increased by two per cent from Dh1,199.6 billion at the end of September 2013 to Dh1,223.1 billion at the end of October of the same year.
Total bank deposits increased by 1.2 per cent during the month of October 2013, reaching Dh1,285.1 billion, as a result of an increase in resident deposits by two per cent, while total bank loans and advances (net of provisions and interest in suspense) decreased by 1.7 per cent to reach Dh1,157.8 billion, and total bank assets increased by 4.1 per cent to reach Dh1,986.6 billion, at the end of October 2013. During the first ten months of 2013, the monetary aggregate M2 increased by 16.4 per cent, while bank loans and advances increased by 5.3 per cent and total bank deposits increased by 10 per cent, as a result of an increase in resident deposits by 13. per cent.