UAE gross bank assets stand at AED2.688 trillion in January

ABU DHABI, 1st March, 2018 (WAM) -- The UAE gross bank assets, including bankers’ acceptances, fell 0.3 percent from AED2.695 trillion at the end of December 2017 to AED2.688 trillion at the end of January 2018, figures by the UAE Central Bank showed.

Gross credit in the banking system, increased by 0.5 percent for the same period to AED1.588 trillion. from around 1.581 trillion in December.

Total bank deposits, however, decreased by AED5.2 billion.

In the meantime, the bank announced that the Money Supply aggregate M1 increased by 1.1%, from AED492.4 billion at the end of December 2017 to AED498 billion at the end of January 2018.

The Money Supply aggregate M2 increased by 0.1%, from AED 1276.2 billion at the end of December 2017 to AED 1277.2 billion at the end of January 2018.

The Money Supply aggregate M3 decreased by 0.4%, from AED 1487.1 billion at the end of December 2017 to AED 1480.9 billion at the end of January 2018.

The increase in M1 was mainly due to a rise of AED 5 billion in Monetary Deposits. The increase in M2 was brought about by the increase in M1, overshadowing an AED 4.6 billion reduction in Quasi-Monetary Deposits. M3 mainly fell due to AED 7.2 billion reduction in Government Deposits.

[Image credit: Shutterstock]

 

WAM/Hatem Mohamed