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File photo: The UAE Central Bank in Abu Dhabi. Image Credit: Gulf News Archives

Abu Dhabi: The UAE Central Bank has announced that gross bank assets, including bankers’ acceptances, rose by 0.6 per cent, climbing from Dh2,958.6 billion at the end of June 2019 to Dh2,975.8 billion at the end of July 2019.

Gross credit increased by 0.7 per cent from Dh1,692.7 billion at the end of June 2019 to Dh1,704.9 billion at the end of July 2019.

During July 2019, total bank deposits grew by Dh3.3 billion, attributable to a Dh6.3 billion rise in Non-Resident Deposits, dominating the decline of Dh3 billion in Resident Deposits.

The Money Supply aggregate M1 decreased by one per cent, from Dh507.9 billion at the end of June 2019 to Dh502.7 billion at the end of July 2019.

The Money Supply aggregate M2 rose by 0.9 per cent, from Dh1,351 billion at the end of June 2019 to Dh1,363.8 billion at the end of July 2019.

The Money Supply aggregate M3 decreased by 0.2 per cent, from Dh1,645.4 billion at the end of June 2019 to Dh1,642.5 billion at the end of July 2019. The fall in M1 was due to the decrease of Dh4.2 billion and Dh1 billion in Monetary Deposits and Currency in Circulation Outside Banks respectively.

M2 rose mainly due to an increase of Dh18 billion in Quasi-Monetary Deposits, overriding the decrease in M1. M3 declined due to an Dh15.7 billion decrease of Government Deposits, overriding the increase in M2.