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Central Bank of The UAE: Monetary & Banking Developments - May 2017
21/06/2017 23:53

Central Bank of The UAE: Monetary & Banking Developments - May 2017

The Central Bank announced that the Money Supply aggregate M1 decreased by 0.6%, from AED 507.2 billion at the end of April 2017 to AED 504.4 billion at the end of May 2017.

The Money Supply aggregate M2 increased by 0.1%, from AED 1273.7 billion at the end of April 2017 to AED 1274.5 billion at the end of May 2017.

The Money Supply aggregate M3 also increased by 0.6%, from AED 1478.3 billion at the end of April 2017 to AED 1487.6 billion at the end of May 2017.

The decrease in M1 was mainly due to a reduction of AED 4.8 billion in Monetary Deposits. The rise in M2 was caused by an AED 3.6 billion increase in Quasi-Monetary Deposits. M3mainly rose due to an increased M2 and an AED 8.5 billion increase in Government Deposits.

Gross bank assets, including bankers’ acceptances, increased by 0.9%, rising from AED 2662 billion at the end of April 2017 to AED 2686 billion at the end of May 2017.

Gross credit increased by 0.2%, rising from AED 1596 billion at the end of April 2017 to AED 1599.5 billion at the end of May 2017.

During May 2017, total bank deposits also increased by AED 10.6 billion mainly due to AED 12.7 billion increase in Resident Deposits, overriding the AED 2.1 billion fall 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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