UAE bank deposits up 6.5% in Jan-April

The deposits at the country’s banks grew 6.5 per cent in the first four months of the year, says the UAE Central Bank. The central bank said intermediary monetary aggregate M2 increased by 4.0 per cent, while bank loans and advances increased by 0.1 per cent and bank deposits by 6.5 per cent, in the same period. It said that money supply M0 which includes currency in circulation and currency at banks remained at Dh53.6 billion at the end of April. Money supply aggregate M1 which comprises currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks increased by 2.1 per cent, from Dh280.2 billion at the end of March 2012 to Dh286.1 billion at the end of April of the same year. Money supply aggregate M2 which comprises of M1 and quasi-monetary deposits resident time and savings deposits in dirham, commercial prepayments in dirham and resident deposits in foreign currencies, decreased by 2.4 per cent, from Dh880.4 billion at the end of March 2012 to Dh859.2 billion at the end of April of the same year. Total bank deposits decreased by 0.6 per cent during the month of April 2012 to close at Dh1.1389 trillion. Meanwhile, total bank loans and advances (net of provisions and interest in suspense) decreased by 0.2 per cent to reach Dh1.072.3 trillion. However, total bank assets increased by Dh700 million to reach Dh1.7421 trillion, at the end of April. From khaleejtimes