UAE Central Bank announce monetary and banking developments for June 2017

The Central Bank has announced that the Money Supply aggregate M1 increased by 0.5 percent, from AED504.4 billion at the end of May 2017 to AED507 billion at the end of June 2017.

The Money Supply aggregate M2 decreased by 0.6 percent, from AED1274.5 billion at the end of May 2017 to AED1267.1 billion at the end of June 2017.

The Money Supply aggregate M3 also decreased by 1.7 percent, from AED1487.6 billion at the end of May 2017 to AED1463.1 billion at the end of June 2017.

The rise in M1 was mainly due to an increase of AED2.4 billion in Monetary Deposits. The fall in M2 was brought about by an AED10.1 billion decrease in Quasi-Monetary Deposits. M3 mainly fell due to a decreased M2 and an AED17.1 billion reduction in Government Deposits.

Gross bank assets, including bankers’ acceptances, decreased by 1.2 percent, falling from AED2686.0 billion at the end of May 2017 to AED2654.3 billion at the end of June 2017.

Gross credit decreased by 0.5 percent, falling from AED1599.5 billion at the end of May 2017 to AED1591.3 billion at the end of June 2017.

During June 2017, total bank deposits also decreased by AED26.6 billion mainly due to AED24.2 billion decrease in Resident Deposits and AED2.4 billion fall in Non-Resident Deposits.