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Central Bank of The UAE: Monetary & Banking Developments - June 2017
18/07/2017 22:19

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

The Central Bank announced that the Money Supply aggregate M1 increased by 0.5%, from AED 504.4 billion at the end of May 2017 to AED 507 billion at the end of June 2017.

The Money Supply aggregate M2 decreased by 0.6%, from AED 1274.5 billion at the end of May 2017 to AED 1267.1 billion at the end of June 2017.

The Money Supply aggregate M3 also decreased by 1.7%, from AED 1487.6 billion at the end of May 2017 to AED 1463.1 billion at the end of June 2017.

The rise in M1 was mainly due to an increase of AED 2.4 billion in Monetary Deposits. The fall in M2 was brought about by an AED 10.1 billion decrease in Quasi-Monetary Deposits. M3 mainly fell due to a decreased M2 and an AED 17.1 billion reduction in Government Deposits.

Gross bank assets, including bankers’ acceptances, decreased by 1.2%, falling from AED 2686.0 billion at the end of May 2017 to AED 2654.3 billion at the end of June 2017.

Gross credit decreased by 0.5%, falling from AED 1599.5 billion at the end of May 2017 to AED 1591.3 billion at the end of June 2017.

During June 2017, total bank deposits also decreased byAED 26.6 billion mainly due to AED 24.2 billion decrease in Resident Deposits and AED 2.4 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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