M1 increases to Dh509.7B in February on higher deposits

abu dhabi — The Central Bank has announced that the Money Supply aggregate M1 increased by 2.3 per cent, from Dh498 billion at the end of January 2018 to Dh509.7 billion at the end of February 2018.

In a statement, the bank said, “The Money Supply aggregate M2 increased by 0.6 per cent, from Dh1277.2 billion at the end of January 2018 to Dh1284.9 billion at the end of February 2018.

It added, “The Money Supply aggregate M3 also increased by 0.4 per cent, from Dh1480.9 billion at the end of January 2018 to Dh1486.3 billion at the end of February 2018. “The increase in M1 was mainly due to a rise of Dh10 billion in monetary deposits. The increase in M2 was brought about by the increase in M1, overshadowing an Dh4 billion reduction in Quasi-Monetary Deposits. M3 mainly rose due to increases in M1 and M2, overshadowing the decrease of Dh 2.3 billion in Government Deposits. “Gross bank assets, including bankers’ acceptances, increased by 0.7 per cent, rising from Dh2688.1 billion at the end of January 2018 to Dh2707 billion at the end of February 2018.

“Gross credit increased by 0.5 per cent from Dh1587.9 billion at the end of January 2018 to Dh1596.4 billion at the end of February 2018.” “During February 2018, total bank deposits decreased by Dh1.4 billion, mainly due to an Dh3.3 billion reduction in Non-Resident Deposits, overshadowing Dh1.9 billion increase in Resident Deposits.”