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28 March 2024

UAE bank loans up 1.1% to Dh1.178trn

Published
By Wam

The UAE Central Bank has announced that the money supply aggregate M0 (currency in circulation + currency at banks) decreased by 0.3 per cent from Dh60.7 billion at the end of August to Dh60.5 billion at the end of September.

The money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) increased by 1.8 per cent, from Dh348.0 billion at the end of August 2013 to Dh354.4 billion at the end of September of the same year.

The money supply aggregate M2 which comprises M1 and quasi-monetary deposits (resident time and savings deposits in UAE dirhams, commercial prepayments in UAE dirhams and resident deposits in foreign currencies), increased by 1.6 per cent, from Dh939.5 billion at the end of August 2013 to Dh955.0 billion at the end of September of the same year.

The money supply aggregate M3 (M2 plus government deposits at banks operating in the UAE as well as at the Central Bank) increased by 0.2 per cent from Dh1,197.2 billion at the end of August 2013 to Dh1,199.6 billion at the end of September of the same year.

Total bank deposits decreased by 0.1 per cent during the month of September 2013, reaching Dh1,270 billion, as a result of a decrease in non-resident deposits by 1.9 per cent, while total bank loans and advances (net of provisions and interest in suspense) increased by 1.1 per cent to reach Dh1,178.3 billion, and total bank assets increased by 1.2 per cent to reach Dh1,907.7 billion, at the end of September 2013.

During the first nine months of 2013, the monetary aggregate M2 increased by 10.7 per cent, while bank loans and advances increased by 7.2 per cent and total bank deposits increased by 8.8 per cent, as a result of an increase in resident deposits by 10.9 per cent