Money Supply aggregate M1 hits AED644.4 billion in April

ABU DHABI, The Central Bank of the UAE (CBUAE) has announced that the Money Supply aggregate M1 increased 0.3 percent, from AED642.3 billion at the end of March 2021 to AED644.4 billion at the end of April 2021.

The Money Supply aggregate M2 decreased to AED1462.5 billion at the end of April 2021, meanwhile, the Money Supply aggregate M3 reduced to AED1764.8 billion at the end of April 2021.

The Monetary Base contracted by 1.4 percent falling from AED437.1 billion at the end of March 2021 to AED430.8 billion at the end of April 2021. The main driving force behind this fall in the Monetary Base was 20.0 percent and 3.7 percent decrease in Reserve Requirements and Certificates of Deposit & Monetary Bills, respectively.

Currency Issued and Banks & OFCs’ Current Accounts & Overnight Deposits of Banks at CBUAE rose by 2.2 percent and 20.5 percent, correspondingly.

Gross banks’ assets, including bankers’ acceptances, fell by 0.2 percent to AED3169.3 billion at the end of April 2021.

Gross credit increased by 0.5 percent from AED 1754.4 billion at the end of March 2021 to AED1763.2 billion at the end of April 2021. Gross Credit rose because of 0.5percent and 0.3percent increases in Domestic Credit and Foreign Credit, respectively.

The rise in Domestic Credit was mainly due to a 1.3 percent, 0.4 percent and 4.9 percent increases in credit to Public Sector (GREs), credit to Private Sector and credit to Non-Banking Financial Institutions, respectively. Overshadowing a 0.1 percent reduction in credit to Government Sector.

Total bank deposits decreased by 0.2 percent, falling from AED1881.3 billion at the end of March 2021 to AED1877.3 billion at the end of April 2021, attributable to 0.7 percent reduction in Resident Deposits, overriding a 3.8 percent rise in Non-Resident Deposits.

Resident Deposits fell mainly due to 12.5 percent and 6.4 percent reductions in GREs Deposits and Non-Banking Financial Institutions’ Deposits, respectively. Superseding the 5 percent rise in Government Sector Deposits.

Source: Emirates News Agency

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