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UAE Central Banks Announces M1 Decrease To AED500 Billion |
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The UAE Central Bank has announced that the Money Supply aggregate M1 decreased by 3.3 percent, from AED517.4 billion at the end of April 2018 to AED500.1 billion at the end of May 2018. The Money Supply aggregate M2 also decreased by 0.7 percent, from AED1313.1 billion at the end of April 2018 to AED1304.4 billion at the end of May 2018. The Money Supply aggregate M3 increased by 0.4 percent, from AED1534 billion at the end of April 2018 to AED1539.7 billion at the end of May 2018. The reduction in M1 was mainly due to a fall of AED17.4 billion in Monetary Deposits. The reduction in M2 was brought about by the decreased M1, overshadowing an AED8.6 billion increase in Quasi-Monetary Deposits. M3 rose due to an AED14.4 billion increase in Government Deposits, overriding the decreases in M1 and M2. Gross bank assets, including bankers’ acceptances, increased by 0.9 percent, rising from AED2711.7 billion at the end of April 2018 to AED2735.6 billion at the end of May 2018. Gross credit also increased by 0.7 percent from AED1606.6 billion at the end of April 2018 to AED1617.3 billion at the end of May 2018. During May 2018, total bank deposits increased by AED11.7 billion, due to AED 10.7 billion and AED 1 billion increases in Resident Deposits and Non-Resident Deposits, respectively. |
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