UAE Central Bank announces M1 increase to AED517.4 billion

ABU DHABI, 22th May, 2018 (WAM) -- The Central Bank has announced that the Money Supply aggregate M1 increased by 1.3 percent, from AED510.6 billion at the end of March 2018 to AED517.4 billion at the end of April 2018. The Money Supply aggregate M2 increased by 1.5 percent, from AED1293.8 billion at the end of March 2018 to AED1313.1 billion at the end of April 2018. The Money Supply aggregate M3 also increased by 0.5 percent, from AED1526.7 billion at the end of March 2018 to AED1534 billion at the end of April 2018. The increase in M1 was mainly due to a rise of AED6 billion in Monetary Deposits. The increase in M2 was brought about by the increase in M1 and an AED12.5 billion increase in Quasi-Monetary Deposits. M3 rose due to a combined increase in M1 and M2, overshadowing an AED12 billion reduction in Government Deposits. Gross bank assets, including bankers’ acceptances, decreased by 0.2 percent, falling from AED2718.3 billion at the end of March 2018 to AED2711.7 billion at the end of April 2018. Gross credit also decreased by 0.1 percent from AED1608.1 billion at the end of March 2018 to AED1606.6 billion at the end of April 2018. During April 2018, total bank deposits fell by AED2.3 billion, due to an AED3.7 billion decrease in Resident Deposits, overriding an AED1.4 billion increase in Non Resident Deposits.