Money supply aggregate M1 decreases 1.9 percentMoney supply aggregate M1 decreases 1.9 percent

The Central Bank announced that the money supply aggregate M1 decreased by 1.9 percent, from AED507.1 billion at the end of June 2017 to AED 497.5 billion at the end of July 2017.

The money supply aggregate M2 decreased by 0.2 percent, from AED1267.1 billion at the end of June 2017 to AED1264.4 billion at the end of July 2017.

The money supply aggregate M3 also decreased by 0.3 percent, from AED1463.1 billion at the end of June 2017 to AED1459.1 billion at the end of July 2017.

The fall in M1 was mainly due to a reduction of AED6.9 billion in monetary deposits.

The fall in M2 was brought about by a decreased M1; overshadowing an AED6.9, billion increase in Quasi-Monetary Deposits. M3 mainly fell due to a decreased M1 and an AED1.3 billion reduction in Government's deposits.

Gross bank assets, including bankers’ acceptances, decreased by 0.8 percent, falling from AED2654.3 billion at the end of June 2017 to AED 2632.7 billion at the end of July 2017.

Gross credit increased by 0.2 percent, rising from AED1591.3 billion at the end of June 2017 to AED1594.5 billion at the end of July 2017.

During July 2017, total bank deposits also increased by AED3.1 billion mainly due to AED 5 billion increase in non-resident deposits, overriding an AED 1.9 billion fall in resident deposits.