UAE Central Bank announces money supply aggregate M0 increases by 1.0%

Abu Dhabi: The UAE Central Bank has announced that the money supply aggregate M0 (currency in circulation + currency at banks) increased by 1.0% from Dh 62.8 billion at the end of October 2013 to Dh 63.4 billion at the end of November of the same year. The money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) increased by 3.3%, from Dh 361.5 billion at the end of October 2013 to Dh 373.3 billion at the end of November of the same year. The 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), increased by 3.3% from Dh 1,003.5 billion at the end of October 2013 to Dh 1,036.8 billion at the end of November of the same year. The money supply aggregate M3 (M2 plus government deposits at banks operating in the UAE as well as at the Central Bank) decreased by 0.5% from Dh 1,223.1 billion at the end of October 2013 to Dh 1,217.2 billion at the end of November of the same year. Total bank deposits decreased by 0.9% during the month of November 2013, reaching Dh 1,273.5 billion, as a result of a decrease in resident deposits by 0.7%, and a decrease in non-resident deposits by 3.2% while total bank loans and advances (net of provisions and interest in suspense) increased by 1.4% to reach Dh 1,173.7 billion. Total bank assets increased by 0.2% to reach Dh 1,991.0 billion, at the end of November 2013. During the first eleven months of 2013, the monetary aggregate M2 increased by 20.2%, while bank loans and advances increased by 6.8% and total bank deposits increased by 9.1%, as a result of an increase in resident deposits by 12.3%. - Emirates News Agency, WAM