The Central Bank of the UAE (CBUAE) announced that the Money Supply aggregate M1 increased by 4.0 percent, from AED797.4 billion at the end of November 2023 to AED829.3 billion at the end of December 2023.
In December 2023, the Money Supply aggregate M2 increased by 4.5%, reaching AED2,023.4 billion, driven by a rise in Currency in Circulation Outside Banks and Monetary Deposits. The Money Supply aggregate M3 also grew by 2.4%, reaching AED2,445.2 billion, primarily due to an augmented M2, despite a reduction in Government Deposits. The Monetary Base expanded by 7.3% to AED658.8 billion, propelled by increases in Currency Issued, Reserve Account, Banks and OFCs’ Current Accounts, and Overnight Deposits of Banks at CBUAE, as well as Monetary Bills and Islamic Certificates of Deposit.
Gross banks’ assets, including bankers’ acceptances, rose by 1.2%, reaching AED4,075.2 billion. While Gross Credit decreased by 0.1% to AED1,991.7 billion, credit to Non-Banking Financial Institutions increased significantly by 66.1%. Total Bank Deposits surged by 3.2% to AED2,521.9 billion, with growth in Resident Deposits, Non-Resident Deposits, and notable expansions in Private Sector and Non-Banking Financial Institutions Deposits.
News Source: Emirates News Agency
