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Abu Dhabi Monetary Deposits Down

Abu Dhabi Monetary Deposits Down Abu Dhabi Monetary Deposits Down

Abu Dhabi’s central bank has announced that the money supply aggregate M1 decreased by 0.9% from AED 493.4 billion ($134.33 billion) at the end of April, 2016, to AED 488.9 billion at the end of May, WAM reported. The aggregate M2 decreased by 1.4%, from AED 1,203.1 billion at the end of April to AED 1,186.4 billion at the end of May. The aggregate M3 also decreased by 0.2%, from 1,373.9 billion at the end of April to AED 1,371.3 billion at the end of May. The reduction in M1 was mainly due to a decrease of AED 4.8 billion in monetary deposits. The decrease in M2 was mainly attributed to a reduction of AED 12.2 billion in quasi-monetary deposits. However, the increase in government deposits by AED 14.1 billion mitigated the reduction in M3. Gross bank assets, including bankers’ acceptances, increased by 0.6%, going from AED 2,491 billion at the end of April to AED 2,506.1 billion at the end of May.

 

Financialtribune.com