The UAE Central Bank announced that the money supply aggregate, M1, increased by 0.2 percent, from AED495.5 billion at the end of June 2018 to AED496.4 billion at the end of July 2018.

In a statement, the Central Bank detailed M2 aggregates increasing by 0.2 percent, from AED1300.1 billion at the end of June 2018 to AED1302.3 billion at the end of July 2018. M3 aggregate also increased by 0.2 percent, from AED1553.6 billion to AED1556 billion for the same period.

The increase in M1 was mainly due to an increase of AED3 billion in monetary deposits, overriding the decrease of AED2.1 billion in currency in circulation outside banks. The rise in M2 was brought about by the increased M1 and an AED1.3 billion increase in quasi-monetary deposits. M3 rose due to the increase in M1 and M2 and an AED0.2 billion increase in government deposits.

Gross bank assets, including bankers’ acceptances, increased by 0.9 percent, rising from AED 2748.9 billion at the end of June 2018 to AED2774.5 billion at the end of July 2018, the statement added. It said gross credit also increased by 0.04 percent from AED1622.3 billion to AED 1622.9 billion for the same period.

During July 2018, total bank deposits increased by AED10.6 billion, due to AED4.6 billion increase in resident deposits and AED6 billion increase in non-resident deposits, the Central Bank concluded.

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