ABU DHABI - The UAE Central Bank has announced that gross bank assets, including bankers acceptances, rose by 0.6 percent, climbing from AED2958.6 billion at the end of June 2019 to AED2975.8 billion at the end of July 2019.

Gross credit increased by 0.7 percent from AED1692.7 billion at the end of June 2019 to AED1704.9 billion at the end of July 2019.

During July 2019, total bank deposits grew by AED3.3 billion, attributable to an AED6.3 billion rise in Non Resident Deposits, dominating the decline of AED3 billion in Resident Deposits.

The Money Supply aggregate M1 decreased by one percent, from AED507.9 billion at the end of June 2019 to AED502.7 billion at the end of July 2019.

The Money Supply aggregate M2 rose by 0.9 percent, from AED1351 billion at the end of June 2019 to AED1363.8 billion at the end of July 2019.

The Money Supply aggregate M3 decreased by 0.2 percent, from AED1645.4 billion at the end of June 2019 to AED1642.5 billion at the end of July 2019. The fall in M1 was due to the decrease of AED4.2 billion and AED1 billion in Monetary Deposits and Currency in Circulation Outside Banks respectively.

M2 rose mainly due to an increase of AED18 billion in Quasi-Monetary Deposits, overriding the decrease in M1. M3 declined due to an AED15.7 billion decrease of Government Deposits, overriding the increase in M2.

Copyright Emirates News Agency (WAM) 2019.