Abu Dhabi – Mubasher: The Central Bank of the UAE (CBUAE) on Sunday said that assets owned by the country’s banks slipped by 0.6% to AED 2.618 trillion by the end of August 2017 from AED 2.633 trillion a month earlier.

Total gross credit fell by 1% month-on-month to AED 1.579 trillion at the end of August 2017 from AED 1.595 trillion, the CBUAE added in a statement.

Moreover, total banking deposits dropped by AED 10 billion in August, due to a decrease in resident deposits and non-resident deposits by AED 7.5 billion and AED 2.5 billion, respectively, according to the statement.

The money supply aggregate (M1) fell 0.9% to AED 493.2 billion last month from AED 497.5 billion by the end of July 2017, according to data published on the CBUAE’s official website.

The M1 includes the currency in circulation outside Banks, in addition to monetary deposits taking in current accounts and call accounts at banks.

The central bank attributed the decrease in M1 to an AED 5.4 billion drop in monetary deposits.

Meanwhile, money supply aggregate (M2) declined by 1.5% to AED 1.246 trillion by the end of August from AED 1.264 trillion the month before, whereas money supply aggregate (M3) was down 0.6% month-on-month to AED 1.451 trillion in August from AED 1.459 trillion at the end of July.

On the other hand, the M2 aggregate includes the M1 elements added to savings deposits, securities, mutual funds and other time deposits.