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UAE Central Bank announces M1 increases by 1.3%

The increase in the money supply aggregate was mainly due to an increase of Dh6.2 billion in monetary deposits.

The UAE Central Bank has announced that the Money Supply aggregate M1 increased by 1.3 per cent, from Dh479.5 billion at the end of November 2018 to Dh485.6 billion at the end of December 2018.

The Money Supply aggregate M2 increased by 1.6 per cent, from Dh1288.4 billion at the end of November 2018 to Dh1308.4 billion at the end of December 2018.

Consequently, the Money Supply aggregate M3 also increased by 0.6 per cent, from Dh1593.5 billion at the end of November 2018 to Dh1602.3 billion at the end of December 2018.

The increase in M1 was mainly due to an increase of Dh6.2 billion in Monetary Deposits, overshadowing an Dh0.1 billion reduction in Currency in Circulation outside Banks. The rise in M2 was brought about by the increase in M1 and an Dh13.9 billion increase in Quasi-Monetary Deposits. M3 mainly rose due to increased M1 and M2, overriding an Dh11.2 billion decrease in Government Deposits.

Gross bank assets, including bankers’ acceptances, increased by 0.8 per cent, rising from Dh2854.3 billion at the end of November 2018 to Dh2878 billion at the end of December 2018.

Gross credit also increased by 0.2 per cent from Dh1653.5 billion at the end of November 2018 to Dh1656.6 billion at the end of December 2018.

During December 2018, total bank deposits increased by Dh16.8 billion, due to Dh6.7 billion and Dh10.1 billion increases in Resident Deposits and Non-Resident Deposits, respectively.

Source : Khaleej Times

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