The UAE’s Money Supply aggregate M1 decreased by 1.7 percent to AED 488.1 billion at the end of August 2018, as compared to AED 496.4 billion the previous month, according to a Central Bank announcement.
The reduction in M1 was mainly due to a decrease of AED 7.4 billion in monetary deposits and AED 0.9 billion in currency in circulation outside banks.
Owing to the decrease in M1 and a reduction in quasi-monetary deposits, the Money Supply aggregate M2 also decreased by 1.8 percent month-on-month to AED 1,278.9 billion at the end of August 2018.
However, the Money Aggregate M3 increased by 0.1 percent from the previous month to AED 1,556.9 billion at the end of August 2018. The increase was due to an AED 24.3 billion rise in government deposits, overshadowing the decreases in M1 and M2.
During August 2018, total bank deposits increased by AED 8 billion, due to AED 3.2 billion increase in resident deposits and an AED 4.8 billion increase in non-resident deposits.
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