The U.A.E. Central Bank has announced that the money supply aggregate M0 (currency in circulation plus currency at banks) increased by 6.3%, from AED 67.8 billion at the end of June 2014 to AED 72.1 billion at the end of July of the same year.
The money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) decreased by 0.2%, from AED 434.3 billion at the end of June 2014 to AED 433.6 billion at the end of July of the same year.
The money supply aggregate M2 which is comprised of M1 and quasi-monetary deposits (resident time and savings deposits in Dirhams, commercial prepayments in Dirhams and resident deposits in foreign currencies), decreased by 1.2%, from AED 1,142.6 billion at the end of June 2014 to AED 1,129.4 billion at the end of July of the same year.
The money supply aggregate M3 (M2 plus government deposits at banks operating in the U.A.E. as well as at the Central Bank) increased by 0.7%, from AED 1,328.4 billion at the end of June 2014 to AED 1,338.0 billion at the end of July of the same year.
Total bank assets (on a gross basis and including bankers acceptances) increased by 0.1%, during the month of July 2014 reaching AED 2,239.2 billion, while total bank loans and advances (on a gross basis) increased by 0.8%, reaching AED 1,340.7 billion.
Total bank deposits increased by 0.3% during the month of July 2014, reaching AED 1,404.8 billion, as a result of an increase in resident deposits by AED 8.8 billion.
The bank has advised that starting February 2014, data on total bank loans and advances and total bank assets is presented on a “gross basis” instead of the previous practice of presenting them on a “net of provisions basis”.
In addition, starting April 2014, bankers acceptances are included in total bank assets.
Source : WAM News Agency for United Arab Emirates
