M1 increased by 2.
1% to AED686 billion at end of November 2021: Central Bank
ABU DHABI, 7th January, 2022 – The Central Bank announced that the Money Supply aggregate M1 increased by 2.
1%, from AED 671.
6 billion at the end of October 2021 to AED 686.
0 billion at the end of November 2021.
The Money Supply aggregate M2 increased by 1.
3%, from AED 1,498.
3 billion at the end of October 2021 to AED 1,517.
1 billion at the end of November 2021.
The Money Supply aggregate M3 also increased by 0.
6%, from AED 1,819.
6 billion at the end of October 2021 to AED 1,830.
1 billion at the end of November 2021.
The rise in M1 was due to AED 0.
6 billion increase in Currency in Circulation Outside Banks and AED 13.
8 billion increase in Monetary Deposits.
M2 increased due to an elevated M1 and AED 4.
4 billion rise in Quasi-Monetary Deposits.
M3 rose due to increased M1 and M2, overshadowing AED 8.
3 billion fall in Government Deposits.
The Monetary Base expanded by 1.
5% rising from AED 455.
1 billion at the end of October 2021 to AED 461.
7 billion at the end of November 2021.
The main driving force behind this expansion in the Monetary Base was 2.
6% and 9.
8% increase in Currency Issued and Certificates of Deposit & Monetary Bills, respectively.
Whereas, Reserve Account and Banks & OFCs’ Current Accounts & Overnight Deposits of Banks at CBUAE reduced by 5.
4% and 8.
1%, respectively.
Gross banks’ assets, including bankers’ acceptances, increased by 0.
8%, rising from AED 3,271.
2 billion at the end of October 2021 to AED 3,295.
8 billion at the end of November 2021.
Gross credit increased by 1.
4% rising from AED 1,763.
0 billion at the end of October 2021 to AED 1,788.
3 billion at the end of November 2021.
Gross Credit rose because of 1.
7% increase in Domestic Credit, superseding 1.
4% decrease in Foreign Credit.
The growth in Domestic Credit was mainly due to increases by 8.
5%, 0.
9% and 4.
0% in Credit to Public Sector (Government Related Entities), Private Sector and Non-Banking Financial Institutions, respectively.
While Credit to the Government Sector decreased by 0.
6%.
Total Bank Deposits decreased marginally by 0.
03%, falling from AED 1,967.
3 billion at the end of October 2021 to AED 1,966.
8 billion at the end of November 2021.
The drop in Total Bank Deposits was due to 3.
9% reduction in Non-Resident Deposits, overriding 0.
5% increase in Resident Deposits.
Resident Deposits rose due to 0.
7%, 0.
9% and 2.
5% rise in Public Sector (Government Related Entities) Deposits, Private Sector Deposits and Non-Banking Financial Institutions Deposits, respectively.
Government Sector Deposits fell by 1.
5%.
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