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The Central Bank announced that the Money Supply aggregate M1 increased by 2.1 per cent, from Dh671.6 billion at the end of October 2021 to Dh686.0 billion at the end of November 2021.
The Money Supply aggregate M2 increased by 1.3 per cent, from Dh1,498.3 billion at the end of October 2021 to Dh1,517.1 billion at the end of November 2021.
The Money Supply aggregate M3 also increased by 0.6 per cent, from Dh1,819.6 billion at the end of October 2021 to Dh1,830.1 billion at the end of November 2021.
The rise in M1 was due to Dh0.6 billion increase in Currency in Circulation Outside Banks and Dh13.8 billion increase in Monetary Deposits. M2 increased due to an elevated M1 and Dh4.4 billion rise in Quasi-Monetary Deposits. M3 rose due to increased M1 and M2, overshadowing Dh8.3 billion fall in Government Deposits.
The Monetary Base expanded by 1.5 per cent rising from Dh455.1 billion at the end of October 2021 to Dh461.7 billion at the end of November 2021. The main driving force behind this expansion in the Monetary Base was 2.6 per cent and 9.8 per cent 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 per cent and 8.1 per cent, respectively.
Gross banks’ assets, including bankers’ acceptances, increased by 0.8 per cent, rising from Dh3,271.2 billion at the end of October 2021 to Dh3,295.8 billion at the end of November 2021.
Gross credit increased by 1.4 per cent rising from Dh1,763.0 billion at the end of October 2021 to Dh1,788.3 billion at the end of November 2021. Gross Credit rose because of 1.7 per cent increase in Domestic Credit, superseding 1.4 per cent decrease in Foreign Credit. The growth in Domestic Credit was mainly due to increases by 8.5 per cent, 0.9 per cent and 4.0 per cent 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 per cent.
Total Bank Deposits decreased marginally by 0.03 per cent, falling from Dh1,967.3 billion at the end of October 2021 to Dh1,966.8 billion at the end of November 2021. The drop in Total Bank Deposits was due to 3.9 per cent reduction in Non-Resident Deposits, overriding 0.5 per cent increase in Resident Deposits. Resident Deposits rose due to 0.7 per cent, 0.9 per cent and 2.5 per cent 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 per cent.
- Wam
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