UAE Central Bank : Increase of AED 6.2bn in Monetary Deposits in Dec. ’18

January 23, 2019 12:37 pm

UAE Central Bank. (Image: Reuters)

Exchange rate: USD$1 = AED3.67

The Central Bank announced that the Money Supply aggregate M1 increased by 1.3%, from AED 479.5 billion at the end of November 2018 to AED 485.6 billion at the end of December 2018.

The Money Supply aggregate M2 increased by 1.6%, from AED 1288.4 billion at the end of November 2018 to AED 1308.4 billion at the end of December 2018.

Consequently, the Money Supply aggregate M3 also increased by 0.6%, from AED 1593.5 billion at the end of November 2018 to AED 1602.3 billion at the end of December 2018.

The increase in M1 was mainly due to an increase of AED 6.2 billion in Monetary Deposits, overshadowing an AED 0.1 billion reduction in Currency in Circulation outside Banks.

The rise in M2 was brought about by the increase in M1 and an AED 13.9 billion increase in Quasi-Monetary Deposits.

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Mmainly rose due to increasedMand M2, overriding an AED 11.2 billion decrease in Government Deposits.

Gross bank assets, including bankers’ acceptances, increased by 0.8%, rising from AED 2854.3 billion at the end of November 2018 to AED 2878 billion at the end of December 2018.

Gross credit also increased by 0.2% from AED 1653.5 billion at the end of November 2018 to AED 1656.6 billion at the end of December 2018.

During December 2018, total bank deposits increased by AED 16.8 billion, due to AED 6.7 billion and AED 10.1 billion increases in Resident Deposits and Non-Resident Deposits, respectively.

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MCurrency in circulation outside Banks  + Monetary Deposits (current accounts and call accounts at banks)

M= M+ Quasi-monetary Deposits (resident time and saving deposits in Dirhams and resident deposits in foreign currencies)

M3 = M+ Government Deposits at banks operating in the UAE as well as at the Central Bank.

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AMEinfo Staff
By AMEinfo Staff
AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.



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