Central Bank announces M1 increase to AED492 billion

The UAE Central Bank has announced that the Money Supply aggregate M1 increased by 0.6 percent from AED488.9 billion at the end of September 2017 to AED492 billion at the end of October 2017.

In a statement, the bank said, "The Money Supply aggregate M2 decreased by 1 percent, from AED1257.2 billion at the end of September 2017 to AED1244.1 billion at the end of October 2017."

It added, "The Money Supply aggregate M3 increased by 0.6 percent, from AED1458 billion at the end of September 2017 to AED1467.3 billion at the end of October 2017.

"The rise in M1 was mainly due to an increase of AED2.4 billion in Monetary Deposits. The fall in M2 was brought about by an AED 16.2 billion decrease in Quasi-Monetary Deposits. M3 mainly increased due to an AED22.4 billion increase in Government Deposits, overshadowing the reduction in M2.

"Gross bank assets, including bankers’ acceptances, decreased by 0.2 percent, falling from AED2643.2 billion at the end of September 2017 to AED2638.8 billion at the end of October 2017.

"Gross credit increased by 0.2 percent, rising from AED1580 billion at the end of September 2017 to AED1583.8 billion at the end of October 2017.

"During October 2017, total bank deposits also increased by AED4.6 billion mainly due to AED9 billion increase in Resident Deposits, overshadowing AED4.4 billion reduction in Non-Resident Deposits."