The Central Bank of the UAE, CBUAE, announced that the Money Supply aggregate M1 increased by 0.7%, from AED 560.3 billion at the end of April 2020 to AED 564.3 billion at the end of May 2020.

The Money Supply aggregate M2 decreased by 0.9%, from AED 1464.8 billion at the end of April 2020 to AED 1451.9 billion at the end of May 2020. The Money Supply aggregate M3 also decreased by 0.2%, from AED 1751.5 billion at the end of April 2020 to AED 1747.8 billion at the end of May 2020, according to a 'summary report' from the bank.

The increase in M1 was due to AED 2.2 billion increase in Currency in Circulation Outside Banks and AED 1.8 billion increase in Monetary Deposits, CBUAE said, adding that M2 decreased due to an AED 16.9 billion reduction in Quasi-Monetary Deposits, overshadowing the increase in M1. M3 mainly fell due to a decreased M2, overriding an AED 9.2 billion increase in Government Deposits.

Gross banks’ assets, including bankers’ acceptances, grew by 0.3%, increasing from AED 3155.7 billion at the end of April 2020 to AED 3165.7 billion at the end of May 2020.

Gross credit also increased by 0.1% from AED 1776.1 billion at the end of April 2020 to AED 1778.3 billion at the end of May 2020.

During May 2020, total bank deposits decreased by AED 6.7 billion, attributable to an AED 7.5 billion reduction in Non-Resident Deposits, dominating an AED 0.8 billion increase in Resident Deposits, CBUAE concluded.

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