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The monetary base expanded by 1.1 percent to AED354 billion during June from AED350 billion in May, according to CBUAE statistics released today.
The monetary base expanded mainly due to increases in banks’ required reserves, which amounted to AED 125.1 by the end of June from AED124.4 billion in May.
Certificates of Deposits purchased by Banks remain constant at AED125.2 billion.
From the end of May to the end of June 2018, the multipliers of M1, M2 and M3 decreased from 1.43 to 1.40, from 3.73 to 3.67 and from 4.40 to4.39, respectively.
The reduction in the multipliers of M1 and M2 reflect the decrease in their respective Monetary Aggregates, in contrast to the expansion of the monetary base. In the meantime, the decrease in the multiplier of M3 indicates a slower increase in its Monetary Aggregate as compared to the bigger expansion of the monetary base.
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