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UAE Central Bank announces M1 increases by 1.9 percent












The UAE Central Bank has announced that the Money Supply aggregate M1 increased by 1.9 percent, from AED479.9 billion at the end of January 2017 to AED488.9 billion at the end of February 2017. 

In its statement, the bank added, "The Money Supply aggregate M2 increased by 1.1 percent, from AED1230.2 billion at the end of January 2017 to AED1244.2 billion at the end of February 2017." 

The Money Supply aggregate M3 also increased by 1.9 percent, from AED1415.6 billion at the end of January 2017 to AED1442.5 billion at the end of February 2017. 

The increase in M1 was mainly due to an increase of AED8.7 billion in Monetary Deposits. The rise in M2 was caused by an increased M1 and an increase of AED5 billion in Quasi-Monetary Deposits. M3 rose due to increased M1 and M2 and an increase in Government Deposits by AED 12.9 billion. 

Gross bank assets, including bankers’ acceptances, increased by 0.6 percent, rising from AED2610.1 billion at the end of January 2017 to AED2626.3 billion at the end of February 2017. 

Gross credit increased by 0.5 percent, rising from AED1577.5 billion at the end of January 2017 to AED1585.6 billion at the end of February 2017 During February 2017, total bank deposits also increased by AED19.5 billion mainly due to AED24.7 billion increase in Resident Deposits, overriding the AED5.2 billion fall in Non-Resident Deposits. 

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