Central Bank of U.A.E. has announced that the total bank deposits increased by 2.5% during the month of March 2014 to reach AED 1,331.7 billion, as a result of an increase in resident deposits by AED 30.6 billion and an increase in non-resident deposits by AED 1.6 billion.

The money supply aggregate M0 (currency in circulation + currency at banks) increased by 1.7%, from AED 64.2 billion at the end of February 2014 to AED 65.3 billion at the end of March 2014, said the U.A.E. apex bank in a press release.
 
The money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) increased by 3.9%, from AED 396.6 billion at the end of February 2014 to AED 412.0 billion at the end of March 2014.

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 4.8%, from AED 1,072.4 billion at the end of February 2014 to AED 1,124.3 billion at the end of March 2014.
 
The money supply aggregate M3 (M2 plus government deposits at banks operating in the UAE as well as at the Central Bank) increased by 3.0%, from AED 1,243.5 billion at the end of February 2014 to AED 1,280.2 billion at the end of March 2014, while total bank loans and advances (gross basis) increased by 0.8% to reach AED 1,303.4 billion, and total bank assets (gross basis) increased by 1.6% to reach AED 2,180.4 billion at the end of March 2014.
 
The central bank added that from February 2014, data on total bank loans '&' advances and total bank assets is presented on a "gross basis" instead of the previous practice of presenting them on a "net of provisions basis".
 

We accept Guest Posts

Download the Dubai City Guide iPhone mobile app

DubaiCityGuide.com is owned and managed by Cyber Gear