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Central Bank of UAE. Monetary Survey - March 2017
04/05/2017 14:40

Central Bank of UAE. Monetary Survey - March 2017

Monetary Developments

M1 increased by 3.2 %, from AED 488.9 billion at the end of February 2017 to AED 504.4 billion at the end of March 2017. This increase was due to a 1.4% increase in Currency in Circulation outside Banks (13% of M1) and a 3.4% increase in Monetary Deposits (87% of M1).

At the end of March 2017, M2 in creased by 2.3%, rising from AED 1244.2 billion at the end of February to AED 1272.2 billion. M2 mainly rose due to the increased M1 and AED 12.5 billion or 1.7% increase in Quasi-Monetary Deposits (60.4%of M2).M3also increased by 1.6%, from AED 1442.5 billion at the end of February 2017 to AED 1465.8 billion at the end of March 2017.

M3 increased because of a combined increase in M1 & M2, overshadowing an AED 4.7 billion or 2.4% reduction in Government Deposits (13.2% of M3). In summary, during March2017, M1,M2 and M3 increased by 3.2%, 2.3% and 1.6%, respectively.

The Money Multiplier

The money multiplier indicates by how much the money supply and the underlying components will grow following an increase of 1 billion Dirhams in the Monetary Base, defined as the sum of Currency issued (Currency in circulation outside banks and cash at banks), Total Banks' Reserves at the Central Bank and Certificates of Deposits held by Banks.

During the month of March 2017, the Monetary Base expanded by 4.5%. The Monetary Base expanded due to a combined increase in; Currency Issued (22.8% of the Monetary Base) by 3.4%, Banks’ Required Reserves (34.1% of the Monetary Base) by 1%, Banks & OFC’s Excess Reserves (10.3% of the Monetary Base) by 28.4% and Certificates of Deposits purchased by Banks (32.8% of the Monetary Base) by 3%.

From the end of February 2017 to the end of March 2017, the multipliers of M1, M2 and M3 decreased from 1.45 to 1.43, from 3.70 to 3.62 and from 4.29 to 4.17 respectively, reflecting a faster growth of the monetary base compared to the growth in the Monetary Aggregates.

Download full version: Monetary Survey - March 2017

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