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Money supply M1 spirals to Dhs498b: CB
March 07, 2018
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ABU DHABI: The UAE Central Bank has announced that the Money Supply aggregate M1 increased by 1.1 per cent, from Dhs492.4 billion at the end of December 2017 to Dhs498 billion at the end of January 2018.

In a statement, the bank said, “The Money Supply aggregate M2 increased by 0.1 per cent, from Dhs1276.2 billion at the end of December 2017 to Dhs1277.2 billion at the end of January 2018.

It added, “The Money Supply aggregate M3 decreased by 0.4 per cent, from Dhs1487.1 billion at the end of December 2017 to Dhs1480.9 billion at the end of January 2018.

“The increase in M1 was mainly due to a rise of Dhs5 billion in Monetary Deposits. The increase in M2 was brought about by the increase in M1, overshadowing an Dhs4.6 billion reduction in Quasi-Monetary Deposits. M3 mainly fell due to Dhs7.2 billion reduction in Government Deposits.

“Gross bank assets, including bankers’ acceptances, decreased by 0.3 per cent, falling from Dhs2695 billion at the end of December 2017 to Dhs2688.1 billion at the end of January 2018.

“Gross credit increased by 0.5 per cent from Dhs1580.7 billion at the end of December 2017 to Dhs1587.9 billion at the end of January 2018.

“During January 2018, total bank deposits decreased by Dhs5.8 billion mainly due to an Dhs5.2 billion and Dhs0.6 billion reductions in Resident Deposits and Non-Resident Deposits, respectively.”

WAM

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