CBUAE issues monetary and banking developments – GulfToday – Gulf Today

CBUAE issues monetary and banking developments – GulfToday – Gulf Today

The photo has been used for illustrative purpose.

The Central Bank announced that the Money Supply aggregate M1 decreased by 0.2%, from Dhs 799.3 billion at the end of October 2023 to Dhs 797.4 billion at the end of November 2023.

This was due to Dhs 4.9 billion fall in Monetary Deposits. Currency in Circulation Outside Banks increased by Dhs 3.0 billion during November 2023.

The Money Supply aggregate M2 rose by 0.7%, from Dhs 1,922.3 billion at the end of October 2023 to Dhs 1,935.4 billion at the end of November 2023. M2 rose due to Dhs 15.0 billion rise in Quasi-Monetary Deposits, overriding the diminished M1.

The Money Supply aggregate M3 also increased by 0.5%, fromDhs 2,376.7 billion at the end of October 2023 to Dhs 2,388.6 billion at the end of November 2023. M3 Increased because of an augmented M2, overshadowing theDhs 1.2 billion reduction in Government Deposits.

The Monetary Base expanded by 2.9%, from Dhs 596.9 billion at the end of October 2023 to AED 614.0 billion at the end of November 2023. The main driver of this increase in the Monetary Base was the rise in Currency Issued by 3.5%, in Banks & OFCs’ Current Accounts & Overnight