Money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) increased by 1.7 per cent, from Dh285billion at the end of August 2012 to Dh289.8bn at the end of September 2012.
The Central Bank of the UAE announced, in its statement, that money supply M0 (currency in circulation + currency at banks) decreased by 1.6 per cent from Dh55.7bn at the end of August 2012 to Dh54.8bn at the end of September 2012.
The Bank added that money supply aggregate M2 which comprises of M1 and quasi-monetary deposits (resident time and savings deposits in dirhams, commercial prepayments in Dirhams and resident deposits in foreign currencies), increased by 1.3 per cent, from Dh835bn at the end of August 2012 to Dh845.5bn at the end of September of the same year.
"Money supply aggregate, M3 (M2 plus government deposits at bank operating in the UAE as well as at the Central Bank) increased by 1.8 per cent, from Dh1,048.8bn at the end of August to Dh1,068.1bn at the end of September of the same year", the statement said.
Total bank deposits increased by 1.5 per cent during the month of September 2012 to close at Dh1,143.8bn.
Meanwhile, total bank loans and advances (net of provisions and interest in suspense) increased by 1.2 per cent to reach Dh1,103.2bn, and total bank assets increased by 1.7 per cent to reach Dh1,763.9 bn, at the end of September 2012.
During the first nine months of 2012, intermediary monetary aggregate M2 increased by 2.4 per cent, while bank loans and advances increased by 3.0 per cent and bank deposits increased by 6.9 per cent.
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