UAE: Money supply on the rise
The UAE Central Bank announced that money supply M0 (currency in circulation + currency at banks) increased by 2.3%, from AED 46.9 billion (US$12.77 billion) at the end of January 2011 to AED 48.0 billion (US$13.07 billion) at the end of February of the same year. Meanwhile, money supply M1 (currency in circulation plus monetary deposits, i.e. current accounts and call accounts at banks) increased by 2.4%, from AED 236.9 billion to AED 242.7 billion.
As regards money supply M2 which comprises M1 plus quasi-monetary deposits (the sum of resident time and savings deposits in Dirhams, commercial prepayments in Dirhams and resident deposits in foreign currencies), it increased by 2.9%, from AED 795.2 billion as at the end of January 2011 to AED 818.3 billion at the end of February of the same year. And money supply M3 (M2 plus government deposits at the banking sector) increased by 2.0%, from AED 997.5 billion at the end of January 2011 to AED 1,017.7 billion at the end of February of the same year.
Bank deposits increased by 2.1% during the month of February 2011, reaching AED 1,079.0 billion. Meanwhile, total bank loans and advances (net of provisions and interest in suspense) increased by 0.6%, reaching AED 1,049.2 billion, and total bank assets increased by 1.8%, reaching AED 1.66 trillion at the end of February of the same year. During the first 2 months of 2011, monetary aggregate M2 increased by 4.1%, while bank deposits increased by 2.8% and bank loans and advances increased by 1.7%.
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