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Money supply in UAE increased 4.4% in October from month ago.

UAE bank deposits increased 1.6% during October

By Himendra Mohan Kumar

Staff Reporter

Abu Dhabi:

The UAE Central Bank said on Monday the money supply M0 (currency in circulation plus currency at banks) increased 4.4 per cent to Dh57.2 billion at the end of October from Dh54.8 billion a month earlier.

Money supply aggregate M1 (currency in circulation plus monetary deposits) increased 1.4 per cent to Dh293.8 billion from Dh289.8 billion at the end of September, the apex bank said in a statement.

However, money supply aggregate M2, which comprises of M1 and quasi-monetary deposits decreased 0.1 per cent from September to Dh844.7 billion at the end of October.

Money supply aggregate, M3 (M2 plus government deposits at bank operating in the UAE as well as at the Central Bank) increased 1.1 per cent from September to Dh1.08 billion at the end of October.

The central bank said total bank deposits increased 1.6 per cent during October to close at Dh1,162.3 billion, compared to September.

Meanwhile, total bank loans and advances (net of provisions and interest in suspense) remained unchanged at Dh1,103.2 billion, while total bank assets decreased 0.1 per cent to reach Dh1,762.9 billion at the end of October.

During the first 10 months of 2012, intermediary monetary aggregate M2 increased by 2.3 per cent, while bank loans and advances increased by 3.0 per cent and total bank deposits increased by 8.7 per cent, the apex bank added.

"The economic growth is recovering. I am hoping the liquidity will expand more rapidly in 2013," Simon Williams, economist at HSBC told Gulf News by telephone, commenting at the latest set of figures from the UAE central bank.

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Publication:Gulf News (United Arab Emirates)
Geographic Code:7UNIT
Date:Dec 25, 2012
Words:315
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