UAE money supply up 0.8%

The UAE. Central Bank has announced that the money supply aggregate, M0 (currency in circulation + currency at banks), increased by 0.8 per cent, from Dh63.4 billion at the end of November 2013 to Dh63.9 billion at the end of December of the same year.

The 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 Dh373.3 billion at the end of November 2013 to Dh379.6 billion at the end of December of the same year.

The 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 1.9 per cent, from Dh1,036.8 billion at the end of November 2013 to Dh1,056.8 billion at the end of December 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 Dh1,217.2 billion at the end of November 2013 to Dh1,219.9 billion at the end of December of the same year.

Total bank deposits increased by 0.4 per cent during the month of December 2013, reaching Dh1,278.9 billion, as a result of an increase in resident deposits of 0.3 per cent, and an increase in non-resident deposits of 1.8 per cent while total bank loans and advances (net of provisions and interest in suspense) increased by 0.3 per cent to reach Dh1,177.3 billion. Total bank assets increased by 1.7 per cent to reach Dh2,025.8 billion at the end of December 2013.

During the year 2013, the monetary aggregate M2 increased by 22.5 per cent, while bank loans and advances increased by 7.1 per cent and total bank deposits increased by 9.5 per cent, as a result of an increase in resident deposits of 12.6 per cent.

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