Abu Dhabi: The UAE Central Bank has announced that the money supply aggregate M0 (currency in circulation plus currency at banks) increased by 6.3 per cent, from Dh67.8 billion at the end of June 2014 to Dh72.1 billion at the end of July of the same year.
The money supply aggregate M1 (currency in circulation plus monetary deposits, that is, current accounts and call accounts at banks) decreased by 0.2 per cent, from Dh434.3 billion at the end of June 2014 to Dh433.6 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 per cent, from Dh1.14 trillion at the end of June 2014 to Dh1.12 trillion at the end of July of the same year.
The money supply aggregate M3 (M2 plus government deposits at banks operating in the UAE as well as at the Central Bank) increased by 0.7 per cent, from Dh1.33 trillion at the end of June 2014 to Dh1.34 trillion at the end of July of the same year.
Total bank assets (on a gross basis and including bankers acceptances) increased by 0.1 per cent, during the month of July 2014 reaching Dh2.24 trillion, while total bank loans and advances (on a gross basis) increased by 0.8 per cent, reaching Dh1.34 trillion.
Total bank deposits increased by 0.3 per cent during the month of July 2014, reaching Dh1.4 trillion, as a result of an increase in resident deposits by Dh8.8 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.
