UAE Central Bank announces Monetary & Banking Developments for July 2015

The Central Bank announced that the Money Supply aggregate M1 decreased by 0.7%, from Dh 464.1 billion at the end of June to Dh 460.8 billion at the end of July 2015.

Money Supply aggregate M2 decreased by 0.4%, from Dh 1,190 billion at the end of June to Dh 1,184.7 billion at the end of July 2015. Money Supply aggregate M3 decreased by 0.5%, from Dh 1,355.1 billion at the end of June to Dh 1,347.9 billion at the end of July 2015.

The decrease in M1 was mainly attributed to a decrease of Dh 2.8 billion in Monetary Deposits while the decrease in M2 and M3 was attributed to a decrease of Dh 2 billion in Quasi-Monetary Deposits and Dh 1.9 billion in Government Deposits respectively. Gross bank assets, including bankers' acceptances, decreased by 0.5%, from Dh 2,419.5 billion at the end of June to Dh 2,408 billion at the end of July 2015.

Gross credit increased by 0.3%, rising from Dh 1,446.7 billion at the end of June to Dh 1,450.6 billion at the end of July 2015. Total bank deposits decreased by Dh 9.1 billion during July 2015, reaching Dh 1,435.2 billion. This decrease was attributed to a decrease of Dh 6.6 billion in Resident Deposits and a decrease of Dh 2.5 billion in Non-Resident Deposits.