Media ININ Economy We Trust
Media In – Abu Dhabi – 7 October 2018 /
Total bank assets – including bank receipts – rose 0.9% from AED2.774 trillion at the end of July 2018 to AED 2.8 trillion by the end of August 2018. During August 2018, total bank deposits increased by AED 8 billion due to a rise of AED 2.3 billion in resident deposits and an increase of AED 4.8 billion in non-resident deposits. The central bank announced today that the money supply “N1” fell by 1.7% from 496.4 billion dirhams at the end of July 2018 to 1488.1 billion dirhams at the end of August 2018. N2 money supply declined by 1.8% from AED 1.302 trillion at the end of July 2018 to AED 1.28 trillion at the end of August 2018. N3 money supply rose 0.1% from AED 1.556 trillion at the end of July 2018 to AED 1.557 at the end of August 2018. The decrease in N1 money supply is due to a decrease of AED 7.4 billion in cash deposits and a decrease of AED 900 million in cash outside banks. The decline in N2 is due to a 1% decrease and a decrease of AED 15.1 billion in cash deposits. The rise in N3 is due to a rise of AED 24.3 billion in government deposits despite the low N1, N 2 “. N1 includes cash in circulation outside banks + cash deposits – current accounts and call accounts with banks. N2 + includes quasi-cash deposits – time deposits, savings deposits for residents of dirhams and resident deposits in foreign currencies – N3 “includes N2 + government deposits with banks operating in the UAE as well as with the Central Bank.
