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UAE Gross Bank Assets Stand At AED2.9 Trillion In February |
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The UAE gross bank assets, including bankers’ acceptances, stood at AED2.909 trillion, in February down from AED2.913 trillion in the preceding month, figures by the UAE Central Bank have showed. Gross credit in the banking system, rallied 6 percent from AED1.662 trillion in January 2019 to AED1.671 trillion in February, with total bank deposits following suit by AED13.6 bn driven by a AED15.2 bn rise in residents' deposits, though non-residents' dropped by AED1.6 bn. In the meantime, CBUAE announced that the Money Supply aggregate M1 increased by 3.1 %, from AED486 billion by the end of January 2019 to AED501.1 billion by February same year. The Money Supply aggregate M2 was up as well by 1.2 percent from AED1.305.5 trillion at the end of January 2019 to AED1.321.3 trillion at the end of February 2019. The Money Supply aggregate M3 edged up percent, from AED1.603.1 trillion at the end of January 2019 to AED 1.619.4 trillion at the end of February. The increase in M1 was mainly due to a rise of AED 2.2 billion in funds circulated outside banks as well as an increase of 12.9 bn in Monetary Deposits. The increase in M2 was brought about by the rise in M1, and a rally of AED700 million in Quasi-Monetary Deposits. M3 was mainly up due the general rise in M1 and M2, with Government Deposits soaring by AED500 million. |
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