Central Bank: Money Supply aggregate M1 increases to AED 336 billion at end of April

WAM ABU DHABI, May 29th, 2013– Money supply aggregate M1 (currency in circulation plus monetary deposits, i.e. current accounts and call accounts at banks) increased by 2.6%, from AED 327.4 billion at the end of March to AED 336 billion at the end of April.

The Central Bank of the UAE announced in a press release that the money supply M0 (currency in circulation + currency at banks) decreased by 1.0% from AED 59.4 billion at the end of March to AED 58.8 billion at the end of April.

Money supply aggregate M2, which comprises M1and quasi-monetary deposits (resident time and savings deposits in Dirhams, commercial prepayments in Dirhams and resident deposits in foreign currencies), decreased by 0.7%, from AED 915.3 billion at the end of March to AED 909 billion at the end of April.

Money supply aggregate M3 (M2 plus government deposits at banks operating in the UAE as well as at the Central Bank) increased by 1.6% from AED 1,154.7 billion at the end of March to AED 1,173.6 billion at the end of April.

Total bank deposits increased by 0.3% during the month of April, to close at AED 1,241.8 billion, as a result of an increase in resident deposits by 1.3%. While total bank loans and advances (net of provisions and interest in suspense) decreased by 0.3% to reach AED 1,122.2 billion, and total bank assets decreased by 0.6% to reach AED 1,866.3 billion, at the end of April.

During the first four months of 2013, Monetary aggregate M2 increased by 5.4%, while bank loans and advances increased by 2.1% and total bank deposits increased by 6.3%, as a result of an increase in resident deposits by 7.9%.

WAM/AM/Moran

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