(MENAFN- Emirates News Agency (WAM)) Money supply aggregate M2 which comprises 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 2.7%, from AED 844.7 billion at the end of October 2012 to AED 867.5 billion at the end of November of the same year.
The Central Bank announced today in a statement that money supply aggregate M3 (M2 plus government deposits at bank operating in the UAE as well as at the Central Bank) increased by 1.6%, from AED 1,079.7 billion at the end of October to AED 1,097.4 billion at the end of November of the same year.
The money supply M0 (currency in circulation + currency at banks) decreased by 0.9% from AED 57.2 billion at the end of October 2012 to AED 56.7 billion at the end of November 2012.
Money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) decreased by 0.1%, from AED 293.8 billion at the end of October 2012 to AED 293.6 billion at the end of November of the same year.
It added also that total bank deposits increased by 1.8% during the month of November 2012 to close at AED 1,182.9 billion, as a result of an increase in both resident deposits and non-resident deposits by roughly the same rate. Meanwhile, total bank loans and advances (net of provisions and interest in suspense) increased by 0.4% to reach AED 1,107.3 billion, while total bank assets increased by 1.9% to reach AED 1,795.9 billion, at the end of November 2012.
During the first 11 months of 2012, intermediary monetary aggregate M2 increased by 5.0%, while bank loans and advances increased by 3.4% and total bank deposits increased by 10.6%, as a result of an increase in non-resident deposits by 20.3% and an increase by 9.4% in resident deposits, which represented 88.6% of total deposits at the end of November 2012.
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