UAE's Central Bank announces increase of money supply M0 by 3.8 percent

Abu Dhabi, Oct 3, 2012 (WAM) - The Central Bank announced that money supply M0 (currency in circulation + currency at banks) increased by 3.8 percent from Dh 53.1 billion at the end of June 2012 to Dh 55.1 billion at the end of July 2012. Money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) increased by 0.7 percent , from Dh 284.3 billion at the end of June 2012 to Dh 286.4 billion at the end of July of the same year. 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 0.7 percent, from Dh 827.1 billion at the end of June 2012 to Dh 832.5 billion at the end of July of the same year. Money supply aggregate, M3 (M2 plus government deposits at bank operating in the UAE as well as at the Central Bank) increased by 0.4 percent , from Dh 1,028.6 billion at the end of June to Dh 1,033.0 billion at the end of July of the same year. Total bank deposits increased by 0.7 percent during the month of July 2012 to close at Dh 1,114.9 billion. Meanwhile, total bank loans and advances (net of provisions and interest in suspense) increased by 0.1percent to reach Dh 1,091.3 billion, and total bank assets decreased by 0.5 percent to reach Dh 1,724.6 billion, at the end of July. During the first 7 months of 2012, intermediary monetary aggregate M2 increased by 0.8 percent , while bank loans and advances increased by 1.9 percent and bank deposits increased by 4.2 percent. – Emirates News Agency, WAM