UAE Central Bank announces M2 increases by 0.9% to AED1191.2bn

8/21/2016 8:33:59 AM

(MENAFN- Emirates News Agency (WAM))

ABU DHABI, 21st August, 2016 (WAM) -- The Central Bank has announced that the Money Supply aggregate M2 increased by 0.9%, from AED 1180.4 billion at the end of June 2016 to AED1191.2 billion at the end of July, 2016.

The Central Bank also announced that the Money Supply aggregate M1 decreased by 2.3%, from AED481 billion at the end of June, 2016, to AED469.8 billion at the end of July. The Money Supply aggregate M3 decreased by 0.04%, from AED1364.8 billion at the end of June, 2016, to AED1364.3 billion at the end of July.

The reduction in M1 was mainly due to a decrease of AED8.8 billion in monetary deposits. The rise in M2 was mainly attributed to an AED22 billion increase in Quasi-Monetary Deposits. M3 decreased owing to reduced M1 and an AED11.3 billion reduction in Government Deposits.

Gross bank assets, including bankers' acceptances, decreased by 0.1%, reducing from AED2518.5 billion at the end of June, 2016, to AED2515.8 billion at the end of July.

Gross credit also decreased by 0.2%, falling from AED 1543.4 billion at the end of June, 2016, to AED 1540.2 billion at the end of July.

During July, 2016, total bank deposits decreased by AED7 billion due to AED0.7 billion and AED6.3 billion reductions in Resident Deposits and Non-Resident Deposits, respectively.

WAM/Esraa/Moran

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