UAE Central Bank: M2 increases to AED1248.8 billion

The UAE Central Bank has announced that the Money Supply aggregate M2 increased by 0.4%, from AED1244.1 billion at the end of October 2017 to AED1248.8 billion at the end of November 2017.

In a statement, the bank added that the Money Supply aggregate M1 decreased by 0.3%, from AED492 billion at the end of October 2017 to AED490.3 billion at the end of November 2017.

The Money Supply aggregate M3 also increased by 1.8%, from AED1467.3 billion at the end of October 2017 to AED1494.3 billion at the end of November 2017.

The statement added, "The decrease in M1 was mainly due to a reduction of AED4.1 billion in Monetary Deposits. The rise in M2 was brought about by an AED6.4 billion increase in Quasi-Monetary Deposits. M3 mainly increased due to an increased M2 and an AED22.3 billion increase in Government Deposits, overshadowing the reduction in M1."

Gross bank assets, including bankers’ acceptances, increased by 1.8%, rising from AED2639.1 billion at the end of October 2017 to AED2687 billion at the end of November 2017.

Gross credit increased by 0.7%, rising from AED1584 billion at the end of October 2017 to AED1594.8 billion at the end of November 2017.

During November 2017, total bank deposits also increased by AED32 billion mainly due to AED25.8 billion increase in Resident Deposits and AED6.2 billion increase in Non-Resident Deposits.