CBUAE issues monetary, banking, and financial markets developments report for Q1, 2023

CBUAE issues monetary, banking, and financial markets developments report for Q1, 2023

ABU DHABI, 12th June, 2023 (WAM) -- The Central Bank of the UAE (CBUAE), as part of its commitment to promoting economic and financial stability and growth, has released the United Arab Emirates Monetary, Banking, and Financial Markets Developments Report for the first quarter of 2023. The report provides insights into the monetary and banking activities, as well as the developments in the UAE financial markets during the specified period.

Monetary Developments

The report highlights the performance of various money supply indicators. Money Supply M1, comprising Currency in Circulation outside Banks and Monetary Deposits, witnessed a 3.0 percent quarter-on-quarter (q-o-q) increase during the first quarter of 2023. On an annual basis, there was a 4.3 percent year-on-year (y-o-y) growth, reaching AED 759.3 billion by the end of March 2023. Money Supply M2, which includes M1 plus Quasi Monetary Deposits, experienced a 5.0 percent q-o-q and 12.2 percent y-o-y increase, reaching AED 1,788.4 billion. Money Supply M3, including M2 plus government deposits, rose by 4.5 percent q-o-q and 16.5 percent y-o-y, amounting to AED 2,195.9 billion by the end of March 2023.

Banking Sector Development

The report provides insights into the banking sector, including the number of banks operating in the UAE. At the end