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Central Bank of UAE. Monetary & Banking Developments - December 2016
23/01/2017 19:00

Central Bank of UAE. Monetary & Banking Developments - December 2016

The Central Bank announced that the Money Supply aggregate M1 increased by 0.3%, from AED 472.6 billion at the end of November 2016 to AED 474.0 billion at the end of December 2016.

The Money Supply aggregate M2 increased by 1%, from AED 1212.9 billion at the end of November 2016 to AED 1225.5 billion at the end of December 2016.

The Money Supply aggregate M3 also increased by 1.8%, from AED 1385.8 billion at the end of November 2016 to AED 1411.4 billion at the end of December 2016.

The increase in M1 was mainly due to an increase of AED 1.9 billion in Monetary Deposits. An increase of AED 11.2 billion in Quasi-Monetary Deposits caused the rise in M2. M3 increased due to increased M1 & M2 combined with a rise of AED 13 billion in Government Deposits.

Gross bank assets, including bankers’ acceptances, increased by 1.6%, rising from AED 2568.7 billion at the end of November 2016 to AED 2610.8 billion at the end of December 2016.

Gross credit fell by 0.1%, falling from AED 1576.2 billion at the end of November 2016 to AED 1574.0 billion at the end of December 2016.

During December 2016, total bank deposits increased by AED 41.7 billion due to AED 25.9 billion increase in Resident Deposits and AED 15.8 billion increase in Non-Resident Deposits.

M1 = Currency in circulation outside Banks + Monetary Deposits (current accounts and call accounts at banks). M2 = M1 + Quasi-monetary Deposits (resident time and saving deposits in Dirhams and resident deposits in foreign currencies). M3 =M2 + Government Deposits at banks operating in the UAE as well as at the Central Bank.

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12.099949
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