The UAE Central Bank has announced that the Money Supply aggregate M2 increased by 0.9 percent, from AED1245.5 billion at the end of August 2017 to AED1257.2 billion at the end of September 2017.

In a statement, the bank added that M1 decreased by 0.9 percent, from AED493.2 billion at the end of August 2017 to AED488.9 billion at the end of September 2017, while the Money Supply aggregate M3 also increased by 0.5 percent, from AED1450.6 billion at the end of August 2017 to AED1458 billion at the end of September 2017.

The fall in M1 was mainly due to a reduction of AED2.9 billion in Monetary Deposits. The rise in M2 was brought about by an AED16 billion increase in Quasi-Monetary Deposits. M3 mainly increased due to an increased M2, overshadowing an AED4.3 billion reduction in Government Deposits.

Gross bank assets, including bankers’ acceptances, increased by 0.9 percent, rising from AED2619 billion at the end of August 2017 to AED2643.2 billion at the end of September 2017.

"Gross credit also increased by 0.1 percent, rising from AED1579 billion at the end of August 2017 to AED1580 billion at the end of September 2017," added the statement.

During September 2017, total bank deposits also increased by AED13.6 billion mainly due to AED7.6 billion and AED 6 billion increase in Resident Deposits and Non-Resident Deposits, respectively.