Dubai: The UAE Central Bank said on Sunday the Money Supply, commonly referred to as M1, increased by 0.6 per cent due to a rise in deposits.
The M1, also called as narrow money, increased to Dh493.4 billion at the end of April from Dh490.3 billion at the end of March 2016, the central bank said in a statement.
Money Supply Aggregate M2, which includes cash in the economy plus short-term bank deposits, decreased by 1.3 per cent, to Dh1,203.1 billion at the end of April 2016 from at Dh1,218.4 billion at the end of March 2016. Money Supply Aggregate M3, which includes cash in the economy plus savings deposits, money market mutual funds and other time deposits, slightly rose from Dh1,373.8 billion at the end of March 2016 to Dh1,373.9 billion at the end of April 2016.
Gross bank assets, including bankers’ acceptances, decreased slightly, to Dh2,491 billion at the end of April 2016. from Dh2,491.1 billion at the end of March 2016.
Gross credit decreased by 0.1 per cent, to Dh1,516.3 billion at the end of April 2016 from Dh1,517.5 billion at the end of March 2016.
During April 2016, total bank deposits decreased by Dh3.4 billion due to an Dh4.2 billion decrease in resident Deposits, primarily on account of a reduction in Quasi-Monetary Deposits in commercial banks. However, an Dh0.8 billion increase in Non-Resident Deposits helped mitigate the reduction in deposits.
