The UAE Central Bank's gross bank assets, including bankers' acceptances amounted to around Dh2.639 trillion ($715 billion) during the month of October against Dh2.643 trillion in September.

According to CB statistics released today, gross credit increased to Dh1.584 trillion during October, two per cent up from Dh1.58 trillion in September, reported Wam, the Emirates official news agency.

The Money Supply Aggregate M1, increased by six per cent from Dh488.9 billion during September to Dh492 billion by the end of October, while the Money Supply Aggregate M2 declined by 1 per cent from Dh1.2572 trillion during September to Dh1.2441 trillion by the end of October.

The Money Supply Aggregate M3 edged up by 6 per cent from Dh1.458 trillion in September to 1.4673 trillion by the end of October.

The rise in Money Supply Aggregate M1 is attributable to an increase of Dh2.4 billion in cash deposits while the decline in Money Supply Aggregate M2 came as a result of the decrease in near-cash deposits.