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Money supply rises 1.9%

UAE Central Bank announced that money supply M0 (currency in circulation + currency at banks) increased by 1.9 per cent from Dh56.7 billion at the end of November 2012 to Dh57.8 billion at the end of December 2012.

Money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) increased also by 1.9 per cent, from Dh293.6 billion at the end of November 2012 to Dh299.2 billion at the end of December of the same year.

Money supply aggregate M2 which comprises 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 0.6 per cent, from Dh867.5 billion at the end of November 2012 to Dh862.4 billion at the end of December of the same year.

Money supply aggregate M3 (M2 plus government deposits at bank operating in the UAE as well as at the Central Bank) decreased by 1.3 per cent from Dh1,097.4 billion at the end of November to Dh1,083.1 billion at the end of December of the same year.

Total bank deposits decreased by 1.3 per cent during the month of December 2012 to close at Dh1,167.8 billion, as a result of a decrease in both resident deposits and non-resident deposits by 1.3 per cent and 0.8 per cent, respectively. Meanwhile, total bank loans and advances (net of provisions and interest in suspense) decreased by 0.7 per cent to reach Dh1,099.1 billion. Also, total bank assets decreased by 0.2 per cent to reach Dh1,791.6 billion, at the end of December 2012.

During the year 2012, Monetary aggregate M2 increased by 4.4 per cent, , while bank loans and advances increased by 2.6 per cent and total bank deposits increased by 9.2 per cent, as a result of an increase in non-resident deposits by 8.0 per cent and an increase in resident deposits by 19.3 per cent; marresident deposits represented 88.5 per cent of total deposits, at the end of December 2012.

By Wam, March 17, 2013

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