The data of the UAE Central Bank revealed that the volume of deposits increased during the month of March by 23.8 billion dirhams to reach 1.851 trillion dirhams, compared to 1.828 trillion at the end of February.
Total bank credit rose by 1.3% (22.7 billion dirhams of new financing) during March reaching to 1.768 trillion dirhams, compared to 1.745 trillion at the end of last February.
According to the «Central Bank», the rise came as a result of the increase in residents’ deposits by 15.6 billion dirhams, and an increase of 8.2 billion dirhams for non-residents.
According to the latest banking data issued by the «Central Bank», the total assets of banks operating in the UAE increased by 1.1% (32.7 billion dirhams) in March to reach 3.128 trillion dirhams, compared to 3.095 trillion dirhams at the end of February.
During March, the money supply (N1) increased by 2.5% to 542.7 billion dirhams, while the money supply (N2) increased by 2% to 1.454 trillion dirhams and the money supply (N3) increased by 1.2% to 1.714 trillion dirhams at the end of March.
The increase in the money supply (N1) (includes cash circulating outside the banks + cash deposits) is attributed to an increase of 3.7 billion dirhams in cash circulating outside the banks and an increase in cash deposits by 9.6 billion dirhams, and the money supply (N2) (includes N1 + semi-cash deposits) as a result of the increase in the money supply (N1) and an increase of 15.3 billion dirhams in semi-cash deposits, while the increase in the money supply (N3) (N2 + government deposits with banks in the UAE and the Central) is due to an increase in the money supply (N1) and (N2) and an increase in government deposits amounted to 8.2 billion dirhams.
Source (AL-Khaleej Newspaper-UAE, Edited)
