UAE Central Bank announces M2 increase to AED1200.2 billion

ABU DHABI, 26th October, 2016 (WAM) — The UAE Central Bank has announced that the Money Supply aggregate M2 increased by 1.4%, from AED1183.9 billion at the end of August 2016 to AED1200.2 billion at the end of September 2016.

The bank also announced that Money Supply aggregate M1 decreased by 0.2%, from AED473.3 billion at the end of August 2016 to AED472.5 billion at the end of September 2016.

The Money Supply aggregate M3 also increased by 0.8%, from AED1357.1 billion at the end of August 2016 to AED1368.6 billion at the end of September 2016.

The decrease in M1 was mainly due to decrease of AED0.9 billion in Monetary Deposits. The increase in M2 was mainly attributed to an AED17.1 billion increase in Quasi-Monetary Deposits. M3 increased owing to an increased M2, which overshadowed an AED 4.8 billion decrease in Government Deposits.

Gross bank assets, including bankers’ acceptances, increased by 1.3%, rising from AED 2518.6 billion at the end of August 2016 to AED 2550.1 billion at the end of September 2016. Gross credit increased by 1.1%, rising from AED1548.5 billion at the end of August 2016 to AED1566.0 billion at the end of September 2016.

During September 2016, total bank deposits increased by AED30.2 billion due to AED11.4 billion and AED18.8 billion increase in Resident Deposits and Non-Resident Deposits, respectively.

WAM/Esraa/Moran

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