Abu Dhabi – Mubasher: The UAE money supply aggregate M1 declined 3.3% month-on-month in May, recording AED 500.1 billion, while M2 went down 0.7% MoM to AED 1.304 in the same period.

On the other hand, M3 rose 0.4% to AED 1.539 trillion last month, compared to AED 1.534 trillion a month earlier. 

“The reduction in M1 was mainly due to a fall of AED 17.4 billion in Monetary Deposits. The reduction in M2 was brought about by the decreased M1, overshadowing an AED 8.6 billion increase in quasi-monetary Deposits,” WAM reported, citing the Central Bank of the UAE (CBUAE). 

The UAE gross bank assets, including bankers’ acceptances, grew 0.9% MoM to AED 2.735.6 trillion at the end of May, while gross credit rose 0.7% MoM to AED 1.617.3 trillion in the same period.  

“During May 2018, total bank deposits increased by AED 11.7 billion, due to AED 10.7 billion and AED1 billion increases in resident deposits and non-resident Deposits, respectively.”