UAE gross bank assets up to AED2.895 trillion
The UAE gross bank assets, including bankers’ acceptances, stood at AED2.895 trillion, in March down from AED2.909.5 trillion in the preceding month, figures by the UAE Central Bank have showed. Gross credit in the banking system, rallied 2 percent from AED1671.9 trillion by the end of February 2019 to AED1675.1 trillion in March, with total bank deposits going down by AED20.1 bn driven by a dip in residents' and non-residents' deposits, by AED17.4 bn and AED2.7 bn respectively.
In the meantime, CBUAE announced that the Money Supply aggregate M1 increased by 2.2 percent, from AED501.1 billion by the end of February 2019 to AED512 billion by March same year.
The Money Supply aggregate M2 was up as well by 0.6 percent from AED1321.3 trillion at the end of February 2019 to AED1.328.6 trillion at the end of March 2019.
The Money Supply aggregate M3 likewise edged up 0.8 percent, from AED1.619.4 trillion at the end of February 2019 to AED1.631.7 trillion at the end of March.
The increase in M1 was mainly due to a rise of AED600 million in funds circulated outside banks as well as an increase of AED10.3 bn in Monetary Deposits. The increase in M2 was brought about by the rise in M1, though Quasi-Monetary Deposits went down by AED3.6 bn. M3 was mainly up due the general rise in M1 and M2, with Government Deposits soaring by AED5 bn.
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