Monday , December 9 2019

UAE’s bank deposits rise AED18 billion in October

ABU DHABi / WAM

The Central Bank of the UAE (CBUAE), announced that during October 2019, total bank deposits increased by AED 17.8 billion, attributable to an AED 1.9 billion increase in resident deposits and an AED 15.9 billion increase in non-resident deposits.
The money supply aggregate M1 decreased by 1.2 percent, from AED 511.9 billion at the end of September to AED 505.7 billion at the end of October, said CBUAE in its monthly report on Monetary & Banking Developments for October.
According to the report, the money supply aggregate M2 increased by 0.8 percent, from AED 1361.3 billion
at the end of September to AED 1372.7 billion at the end of October.
The money supply aggregate M3 also increased by 0.1 percent, from AED 1679.9 billion at the end of September to AED168.9 billion at the end of October. The report indicated that gross bank assets, including bankers’ acceptances, rose by 0.6 percent, increasing from AED 3022.7 billion at the end of September to AED 3040.6 billion at the end of October.
Gross credit decreased by 0.7 percent from AED 1720.8 billion at the end of September 2019 to AED 1708.5 billion at the end of October 2019.
“The fall in M1 was due to an AED 6.2 billion reduction in monetary deposits, where currency in circulation outside banks remained constant. M2 increased essentially due to an increase of AED 17.6 billion in Quasi-Monetary Deposits, overriding the decrease in M1. M3 increased due to an increased M2, overshadowing an AED 10.4 billion fall in Government Deposits,” the report noted

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