UAE Central Bank Announces M1 increased to AED 493.4bn in April 2016

The UAE Central Bank has announced that the Money Supply Aggregate M1 increased by 0.6% from AED490.3 billion at the end of March 2016 to AED493.4 billion at the end of April 2016. 
Money Supply Aggregate M2 decreased by 1.3%, from at AED1,218.4 billion at the end of March 2016 to AED1,203.1 billion at the end of April 2016. Money Supply Aggregate M3 slightly rose from AED1,373.8 billion at the end of March 2016 to AED1,373.9 billion at the end of April 2016, according to Emirates News Agency (WAM). 
The increase in M1 was mainly due to an increase of AED2.2 billion in Monetary Deposits. The decrease in M2 was mainly attributed to a reduction of AED18.4 billion in Quasi-Monetary Deposits. The AED15.4 billion increase in Government Deposits cancelled the reduction in M2, with M3 remaining almost the same at its February 2016 level. 
Gross bank assets, including bankers' acceptances, decreased slightly, going from AED2,491.1 billion at the end of March 2016 to AED2,491 billion at the end of April 2016. 
Gross credit decreased by 0.1%, falling from AED1,517.5 billion at the end of March 2016 to AED1,516.3 billion at the end of April 2016. 
During April 2016, total bank deposits decreased by AED3.4 billion due to an AED4.2 billion decrease in Resident Deposits, primarily on account of a reduction in Quasi-Monetary Deposits in commercial banks. However, an AED 0.8 billion increase in Non-Resident Deposits helped mitigate the reduction in deposits.