Bank assets rise to AED 2.749 trillion at the end of June

MEDIA IN – Abu Dhabi, July 17, 2018 (WAM)

 Total banking assets including bank receipts rose to AED 2.749 trillion at the end of June 2018 with a growth of 0.5% to AED 13 billion compared to AED 2.736 trillion in May. Total bank credit rose 0.3 percent from 1.6173 trillion dirhams at the end of May 2018 to 1.6223 trillion dirhams by the end of June, according to the Central Bank of UAE (CBE). During June 2018, total bank deposits increased by AED 12.5 billion due to a rise of AED 14.3 billion in resident deposits, despite a decrease of AED 1.8 billion in non-resident deposits. The central bank announced that the money supply “N1” fell by 0.9% from 500.1 billion dirhams at the end of May 2018 to 495.5 billion dirhams at the end of June. N2 money supply declined 0.3% from AED1.330 trillion at the end of May 2018 to AED1.3002 trillion in June. Money supply “N3” rose 0.9% from AED 1.5397 trillion at the end of May 2018 to AED 1.5536 trillion at the end of June. It is noted that the money supply “N1” includes cash in circulation outside banks + cash deposits “current accounts and accounts on call with banks.” The M2 offer includes N1 + quasi-cash deposits, “term deposits, savings deposits for residents of dirhams and deposits of residents in foreign currencies”. Money supply includes N2 + government deposits with banks operating in the UAE as well as with the Central Bank.