The Central Bank of the UAE has announced that the money supply aggregate (M1) increased by 0.04 per cent, from Dh472.4 billion at the end of October 2016 to Dh472.6 billion at the end of November.

In its statement, the bank announced that the M2 money supply increased by 0.8 per cent, from Dh1,203.3 billion at the end of October to Dh1212.9 billion at the end of November, said a Wam news agency report.

"The money supply aggregate M3 increased by 1.7 per cent, from Dh1,362.9 billion at the end of October 2016 to Dh1,385.8 billion at the end of November 2016," the statement added.

The increase in M1 was mainly due to an increase of Dh0.6 billion in currency in circulation outside banks, which overshadowed the decrease of Dh0.4 billion in monetary deposits. The increase in M2 was mainly attributed to an increase of Dh9.4 billion in quasi-monetary deposits. M3 increased due to the rise of Dh13.3 billion in government deposits.

Gross bank assets, including bankers’ acceptances, increased by 1 per cent, rising from Dh2,544.4 billion at the end of October 2016 to Dh2,568.7 billion at the end of November. Gross credit increased by 0.4 per cent, rising from Dh1,570.2 billion at the end of October to Dh1,576.2 billion at the end of November.

During November, total bank deposits increased by Dh18 billion due to the Dh22.2 billion increase in resident deposits despite Dh4.2 billion decrease in non-resident deposits.