(MENAFN -Khaleej Times) the uae bank deposits swelled one per cent during the month of january 2014 due to an increase in resident deposits
The deposits grew by dh11.2 billion and an increase in non-resident deposits by dh 1.1 billion reaching dh1.29 trillion. in the same month loans and advances rose 0.8 per cent to dh1.186 trillion and total bank assets climbed 1.2 per cent to dh2.050 trillion at the end of january 2014. central bank data said that the money supply aggregate which is currency in circulation and currency at banks declined 0.6 per cent to dh63.5 billion in january 2014 from dh63.9 billion at the end december.
The money supply aggregate which is currency in circulation plus monetary deposits i.e. current accounts and cal accounts at banks however grew 2.5 per cent to dh389.2 billion from dh379.6 billion at the end of december2013.
The money supply aggregate m2 which comprises of m1 and quasi-monetary deposits (resident time and savings deposits in dirhams commercial prepayments in dirhams and resident deposits in foreign currencies) increased by 0.2 per cent from dh1.056 trillion at the end of december2013 to dh1.058 trillion at the end of january 2014.
The money supply aggregate m3 which is m2 plus government deposits at banks operating in the uae as well as at the central bank grew 1.1 per cent from dh1.2trillion at the end of december 2013 to dh1.232.8 trillion at the end of january 2014.