ABU DHABI, 27th September, 2016 (WAM) -- The UAE Central Bank has announced that the Money Supply aggregate M1, increased by 0.7%, from AED469.8 billion at the end of July 2016 to AED473.3 billion at the end of August 2016.

The Money Supply aggregate M2, decreased by 0.6%, from AED1191.2 billion at the end of July 2016 to AED1183.9 billion at the end of August 2016. The Money Supply aggregate M3, also decreased by 0.5%, from AED1364.3 billion at the end of July 2016 to AED1357.1 billion at the end of August 2016.

The increase in M1 was mainly due to an increase of AED3.8 billion in Monetary Deposits. The reduction in M2 was mainly attributed to an AED10.8 billion decrease in Quasi-Monetary Deposits. M3 decreased owing to reduced M2, which overshadowed an AED0.1 billion increase in Government Deposits.

Gross bank assets, including bankers acceptances, increased by 0.1%, rising from AED2515.8 billion at the end of July 2016 to AED2518.6 billion at the end of August 2016. Gross credit increased by 0.5%, rising from AED1540.2 billion at the end of July 2016 to AED1548.5 billion at the end of August 2016.

During August 2016, total bank deposits decreased by AED7.5 billion due to AED4.8 billion and AED2.7 billion reductions in Resident Deposits and Non-Resident Deposits, respectively.

Copyright Emirates News Agency (WAM) 2016.