Dubai – (Masaader News)
The Central Bank announced that the Money Supply aggregate M1 increased by 3.2%, from AED 488.9 billion at the end of February 2017 to AED 504.4 billion at the end of March 2017, According to the central bank of the U.A.E.
The Money Supply aggregate M2 increased by 2.3%, from AED 1244.2 billion at the end of February 2017 to AED 1272.2 billion at the end of March 2017.
The Money Supply aggregate M3 also increased by 1.6%, from AED 1442.5 billion at the end of February to AED 1465.8 billion at the end of March 2017.
The increase in M1 was mainly due to an increase of AED 14.6 billion in Monetary Deposits. The rise in M2 was caused by an increased M1 and an increase of AED 12.5% billion in Quasi-Monetary Deposits. M3 mainly rose due to increased M1 and M2, overshadowing a decrease in Government Deposits by AED 4.7 billion Gross bank assets, including bankers’ acceptances, increased by 0.8%, rising from AED 2626.3 billion at the end of February 2017 to AED 2648.3 billion at the end of March 2017.
Gross credit increased by 0.7%, rising from AED 1,585.6 billion at the end of February 2017 to AED 1597.2 billion at the end of March 2017.
During March 2017, total bank deposits also increased by AED 20.6 billion mainly due to AED 23.3 billion increase in Resident Deposits, overriding the AED 2.7 billion fall in Non-Resident Deposits.