The total UAE bank credit increased by 0.1 percent, or 2.2 billion dirhams, to 1778.3 billion dirhams (1.778 trillion) at the end of May, from 1776.1 billion dirhams (1.776 trillion) at the end of April 2020.
On the other hand, total bank deposits decreased by 6.7 billion dirhams, on a monthly basis, as a result of a decrease of 7.5 billion dirhams in non-resident deposits, which exceeded the increase of 0.8 billion dirhams in resident deposits. Total banking assets increased by 0.3 percent from 3155.7 billion dirhams (3.155 trillion dirhams) at the end of April 2020 to 3165.7 billion dirhams (3.165 trillion) at the end of May 2020.
According to the central bank, the money supply (N1) increased by 0.7% from 560.3 billion dirhams at the end of April 2020 to 564.3 billion dirhams at the end of May 2020. While the money supply (N2) decreased by 0.9% from 1464.8 billion dirhams (1.464 trillion) at the end of April 2020 to 1451.9 billion dirhams (1.451 trillion) at the end of May 2020. The money supply (N3) decreased by 0.2% from 1751.5 billion dirhams (1.751 trillion) at the end of April 2020 to 1747.8 billion dirhams (1.747 trillion) at the end of May 2020.
Source (Al-Khaleej Newspaper-UAE, Edited)
