The UAE Central Bank has announced that the Money Supply aggregate 'M1' decreased by 0.9 percent, from AED497.5 billion at the end of July 2017 to AED493.2 billion at the end of August 2017.

In a statement, the bank said, "The Money Supply aggregate 'M2' decreased by 1.5 percent, from AED 1264.4 billion at the end of July 2017 to AED1245.5 billion at the end of August 2017.

"The Money Supply aggregate 'M3' also decreased by 0.6 percent, from AED1459.1 billion at the end of July 2017 to AED1450.6 billion at the end of August 2017."

It added, "The fall in 'M1' was mainly due to a reduction of AED5.4 billion in Monetary Deposits. The fall in 'M2' was brought about by a decreased 'M1', and an AED14.6 billion decrease in Quasi-Monetary Deposits. 'M3' mainly fell due to decreased 'M1' and 'M2', overshadowing an AED 10.4 billion increase in Government Deposits."

Gross bank assets, including bankers’ acceptances, decreased by 0.6 percent, falling from AED2632.7 billion at the end of July 2017 to AED2617.9 billion at the end of August 2017.

Gross credit decreased by 1 percent, falling from AED1594.5 billion at the end of July 2017 to AED1579.0 billion at the end of August 2017.

During August 2017, total bank deposits also decreased by AED10 billion mainly due to AED7.5 billion and AED 2.5 billion reduction in Resident Deposits and Non-Resident Deposits, respectively.