Money supply rises to Dhs1191.2b: CB

22/08/2016 05:15 AST

The Central Bank has announced that the Money Supply aggregate M2 increased by 0.9 per cent, from Dhs1180.4 billion at the end of June 2016 to Dhs1191.2 billion at the end of July, 2016.

The Central Bank also announced that the Money Supply aggregate M1 decreased by 2.3 per cent, from Dhs481 billion at the end of June, 2016, to Dhs469.8 billion at the end of July.

The Money Supply aggregate M3 decreased by 0.04 per cent, from Dhs1364.8 billion at the end of June, 2016, to Dhs1364.3 billion at the end of July. The reduction in M1 was mainly due to a decrease of Dhs8.8 billion in monetary deposits.The rise in M2 was mainly attributed to an Dhs22 billion increase in Quasi-Monetary Deposits.

M3 decreased owing to reduced M1 and an Dhs11.3 billion reduction in Government Deposits. Gross bank assets, including bankers’ acceptances, decreased by 0.1 per cent, reducing from Dhs2518.5 billion at the end of June, 2016, to Dhs2515.8 billion at the end of July.

Gross credit also decreased by 0.2 per cent, falling from Dhs1543.4 billion at the end of June, 2016, to Dhs1540.2 billion at the end of July.

During July, 2016, total bank deposits decreased by Dhs7 billion due to Dhs0.7 billion and Dhs6.3 billion reductions in Resident Deposits and Non-Resident Deposits, respectively.


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