Money supply aggregate increases to AED 61.2 billion at the end of July
The UAE Central Bank has announced that the money supply aggregate M0 (currency in circulation + currency at banks) increased by 3.0% from AED 59.4 billion at the end of June 2013 to AED 61.2 billion at the end of July. Money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) decreased by 0.6%, from AED 346.7 billion at the end of June 2013 to AED 344.7 billion at the end of July.
Money supply aggregate M2, which comprises M1 plus quasi-monetary deposits (resident time and savings deposits in Dirhams, commercial prepayments in Dirhams and resident deposits in foreign currencies), increased by 0.2%, from AED 929.8 billion at the end of June 2013 to AED 931.3 billion at the end of July.
Money supply aggregate M3 (M2 plus government deposits at banks operating in the UAE as well as at the Central Bank) decreased by 0.3% from AED 1,182.5 billion at the end of June 2013 to AED 1,179.5 billion at the end of July.
Total bank deposits decreased by 0.2% during the month of July 2013 to close at AED 1,253.1 billion, as a result of decrease in resident deposits by 0.2%. and non-resident deposits by 0.1%. Total bank loans and advances (net of provisions and interest in suspense) increased by 1.2% to reach AED 1,160.7 billion, while total bank assets decreased by 0.5% to reach AED 1,869.3 billion, at the end of July 2013.
During the first seven months of 2013, Monetary aggregate M2 increased by 8.0%, while bank loans and advances increased by 5.6% and total bank deposits increased by 7.3%, as a result of an increase in resident deposits by 8.9%.
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