Published On: Sat, May 10th, 2014

Central Bank: Money supply aggregate M1 increased to AED 396.6 billion by February

Central Bank of the UAE

Central Bank of the UAE

The money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) increased by 1.9%, from AED 389.2 billion at the end of January 2014 to AED 396.6 billion at the end of February 2014.

U.A.E. Central Bank in a statement announced that the money supply aggregate M0 (currency in circulation + currency at banks) increased by 1.1%, from AED 63.5 billion at the end of January 2014 to AED 64.2 billion at the end of February 2014.

The money supply aggregate M2 which comprises of M1 and quasi-monetary deposits (resident time and savings deposits in Dirhams, commercial prepayments in Dirhams and resident deposits in foreign currencies), increased by 1.3%, from AED 1,058.9 billion at the end of January 2014 to AED 1,072.4 billion at the end of February 2014.

The money supply aggregate M3 (M2 plus government deposits at banks operating in the UAE as well as at the Central Bank) increased by 0.9%, from AED 1,232.8 billion at the end of January 2014 to AED 1,243.5 billion at the end of February 2014.

Total bank deposits increased by 0.6% during the month of February 2014, due to an increase in resident deposits by AED 10.3 billion and a decrease in non-resident deposits by AED 2.0 billion, reaching AED 1,299.5 billion. Meanwhile, total bank loans and advances (net of provisions and interest in suspense) increased by 0.6% to reach AED 1,293.5 billion, and total bank assets increased by 1.0% to reach AED 2,146.3 billion at the end of February 2014.

Source : WAM News Agency for United Arab Emirates

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