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ABU DHABI / WAM
The UAE Central Bank announced that the money supply aggregate, M1 (currency in circulation outside banks and monetary deposits in current accounts and call accounts at banks), increased by 1.3 percent, from AED474 billion at the end of December 2016, to AED479.9 billion at the end of January, 2017.
The money supply aggregate, M2 (M1 plus quasi-monetary deposits or resident time and saving deposits in Dirhams and resident deposits in foreign currencies), increased by 0.4 percent, from AED1225.5 billion at the end of December 2016 to AED1230.2 billion at the end of January 2017, whilst the money supply aggregate, M3, increased by 0.3%, from AED1411.4 billion at end of December 2016 to AED1415.6 billion at the end of January 2017. M3 equals M2 plus government deposits at banks operating in the UAE as well as at the Central Bank.
The rise in the M1 aggregate was mainly due to an increase of AED1.9 billion in currency in circulation outside banks, and an increase of AED4 billion in monetary deposits.