Money supply aggregate hits AED474.4bn in Feb

ABU DHABI / WAM

The Central Bank announced that the Money Supply aggregate M1 increased by 0.2%, from AED 473.5 billion at the end of January 2016 to AED 474.4 billion at the end of February 2016.
Money Supply aggregate M2 remained constant at AED 1,212.5 billion at the end of February 2016.
Money Supply aggregate M3 increased by 0.02%, from AED 1,371.6 billion at the end of January 2016 to AED 1,371.9 billion at the end of February 2016.
The increase in M1 was mainly attributed to an increase of AED 2 billion in Currency in Circulation Outside Banks.
The AED 0.9 billion decrease in Quasi-Monetary Deposits was offset by the increased M1, keeping M2 constant. The increase in M3 was largely attributed to an AED 0.3 billion increase in Government
Deposits.
Gross bank assets, including bankers’ acceptances, decreased by 0.7%, from AED 2480.4 billion at the end of January 2016 to AED 2462.2 billion at the end of February 2016.
Gross credit increased by 0.8%, rising from AED 1491.9 billion at the end of end of January to AED 1503.7 billion at the end of February 2016.
During February 2016, total bank deposits remained constant at AED 1471.1 billion.
The AED 0.6 billion decrease in Resident Deposits nullified the AED 0.6 billion increase in Non-Resident Deposits.