UAE gross bank assets up to Dh2.895 trillion
Gross credit grew from Dh1,671.9 trillion to Dh1,675.1 trillion in March
ABU DHABI: The UAE gross bank assets, including bankers’ acceptances, stood at Dh2.895 trillion, in March down from Dh2.909.5 trillion in the preceding month, figures by the UAE Central Bank have showed.
Gross credit in the banking system, rallied 2 per cent from Dh1,671.9 trillion by the end of February 2019 to Dh1,675.1 trillion in March, with total bank deposits going down by Dh20.1 billion driven by a dip in residents’ and non-residents’ deposits, by Dh17.4 billion and Dh2.7 billion respectively.
In the meantime, CBUAE announced that the Money Supply aggregate M1 increased by 2.2 per cent, from Dh501.1 billion by the end of February 2019 to Dh512 billion by March same year.
The Money Supply aggregate M2 was up as well by 0.6 per cent from Dh1,321.3 trillion at the end of February 2019 to Dh1.328.6 trillion at the end of March 2019.
The Money Supply aggregate M3 likewise edged up 0.8 per cent, from Dh1.619.4 trillion at the end of February 2019 to Dh1.631.7 trillion at the end of March.
The increase in M1 was mainly due to a rise of Dh600 million in funds circulated outside banks as well as an increase of Dh10.3 billion in Monetary Deposits. The increase in M2 was brought about by the rise in M1, though Quasi-Monetary Deposits went down by Dh3.6 billion. M3 was mainly up due the general rise in M1 and M2, with government deposits soaring by Dh5 billion.