The UAE Central Bank announced on Sunday that gross bank assets for March 2020 had reached AED3.128 trillion, a growth of 1.1 percent from the previous month.

In a statement, the Central Bank noted that money supply aggregate M1 had increased by 2.5 percent last month, reaching AED542.7 billion compared to February figures (AED529.4 billion). It added the M2 figures also increased to AED1.455 trillion, a growth of two percent from February 2020 aggregates.

As for M3 aggregates, March totals showed an increase of 1.2 percent, reaching AED1.714 trillion compared to AED1.694 trillion in the previous month.

According the Central Bank the registered increase in M1 aggregates was as a result of a AED3.7 billion increase in 'currency in circulation outside of banks'.

Gross credit also increased by 1.3 percent from AED1.746 trillion to AED1.768 trillion at the end of March, added the UAE Central Bank.

It went on to note that total bank deposits registered an increase of AED23.8 billion, adding that the increase was attributable to a AED15.6 billion increase in 'Resident Deposits' and AED8.2 billion increase in 'Non-Resident Deposits'.

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