Central Bank of the UAE announced that money supply M0 (currency in circulation + currency at banks) increased by 1.0 per cent from Dh58.8 billion at the end of February 2013 to Dh59.4 billion at the end of March of the same year.
Money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) increased by 3.2 per cent, from Dh317.4 billion at the end of February 2013 to Dh327.4 billion at the end of March of the same year.
Money supply aggregate M2 which comprises of M1and quasi-monetary deposits (resident time and savings deposits in Dirhams, commercial prepayments in Dirhams and resident deposits in foreign currencies), increased by 1.0 per cent, from Dh905.9 billion at the end of February 2013 to Dh915.3 billion at the end of March 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 2.0 per cent from Dh1,131.7 billion at the end of February 2013 to Dh1,154.7 billion at the end of March of the same year.
Total bank deposits increased by 2.0 per cent during the month of March 2013 to close at Dh1,238 billion, as a result of an increase in both resident deposits and non-resident deposits, by 1.9 per cent and 2.2 per cent, respectively. Meanwhile, total bank loans and advances (net of provisions and interest in suspense) increased by 0.7 per cent to reach Dh1,125.8 billion, and total bank assets increased by 1.6 per cent to reach Dh1,877.2 billion, at the end of March 2013.
During the first quarter of 2013, Monetary aggregate M2 increased by 6.1 per cent, while bank loans and advances increased by 2.4 per cent and total bank deposits increased by 6.0 per cent, as a result of an increase in non-resident deposits by 2.5 per cent and an increase in resident deposits by 6.5 per cent; the latter representing 88.9 per cent of total deposits, at the end of March 2013.