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Abu Dhabi / WAM
The UAE gross bank assets, including bankers’ acceptances, rallied to AED3.172 trillion by the end of January 2021, figures by the central bank of the UAE have shown.
Gross credit in banking system likewise grew from AED1.779 trillion by the end of December 2020 to AED1.779.2 trillion in January, with total bank deposits going up to AED1.876.3 trillion driven by a rise in residents’ savings, from AED1.884.5 trillion in December.
In the meantime, the apex bank announced that Money Supply aggregate M3 edged down to AED1.768.7 trillion at the end of January from AED1.769.3 in December 2020. In the meantime, Money Supply aggregate M1 increased 2.3% to AED613.6 billion as compared to December 2020 due to an AED1 billion rise in monetary deposits and cash in circulation outside banks. Money Supply aggregate M2 rises as well to AED1.489 trillion as compared to AED1.478.5 trillion during reference period due to rise in M1 and despite the drop in quasi-monetary deposits.
M1 means currency in circulation outside banks (currency Issued – cash at banks) plus monetary deposits; while M2 means M1 plus quasi-monetary deposits. M3 means M2 plus government deposits.