UAE Central bank: monetary and banking developments for March 2016

5/3/2016 5:05:11 AM

(MENAFN- Emirates News Agency (WAM))

ABU DHABI 3rd May 2016 (WAM) -- The Central Bank has announced that the Money Supply aggregate M1 increased by 3.4% from AED474.4 billion at the end of February 2016 to AED490.3 billion at the end of March 2016.

Money Supply aggregate M2 increased by 2% from AED1194.2 billion at the end of February 2016 to AED1218.4 billion at the end of March 2016.

Money Supply aggregate M3 also increased by 1.6% from AED1351.8 billion at the end of February to AED1373.8 billion at the end of March 2016.

The increases in M1 and M2 were mainly attributed to an increase of AED15.5 billion in Monetary Deposits and an increase of AED8.3 in Quasi-Monetary Deposits respectively. The increase in M3 was largely attributed to increased M1 and M2.

Gross bank assets including bankers' acceptances increased by 1.2% rising from AED2462.2 billion at the end of February 2016 to AED2491.1 billion at the end of March 2016.

Gross credit increased by 0.9% rising from AED1503.7 billion at the end of February 2016 to AED1517.5 billion at the end of March 2016.

During March 2016 total bank deposits also increased by AED31.5 billion. This increase was due to an AED19.9 billion increase in Resident Deposits and an AED11.6 billion increase in Non-Resident Deposits.

WAM/Moran

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