Dubai: The UAE Central Bank said on Wednesday that money in circulation and short-term deposits in banks increased last December by 0.4 per cent and 2.2 per cent respectively due to an increase in money deposits.
In a statement carried by WAM, the central bank said the money in circulation reached Dh492.4 billion at the end of December 2017, up from Dh490.3 billion at the end of November 2017.
Along with money in circulation, short-term deposits and 24-hour money market funds also increased from Dh1.24 trillion at the end of the November to Dh1.27 trillion at the end of last December, the statement said.
The increase, however, was overshadowed by a fall in long-term deposits of 0.5 per cent during the same period because of a decrease in gross credit and total bank deposits, mainly an Dh34.6 billion reduction in government deposits. The central bank statement said total long-term deposits reached Dh1,487.1 billion at the end of December.
