UAE Central Bank Reports Positive Growth in Monetary Aggregates for July 2024

UAE, 5 November, 2024 : The Central Bank of the UAE (CBUAE) announced key monetary and banking developments for July 2024, highlighting increases across various monetary aggregates:

M1: The money supply increased by 0.6% from AED 884.1 billion in June to AED 889.3 billion in July, driven by growth in currency circulation and monetary deposits.

M2: This measure, which includes M1 and quasi-monetary deposits, rose by 1.7% to AED 2,205.9 billion, boosted by M1 and a significant increase in quasi-monetary deposits.

M3: The broadest measure, incorporating M2 and government deposits, grew by 1.7% to AED 2,676.0 billion, due to rises in M2 and government deposits.

Meanwhile, the monetary base saw a 1.0% decrease to AED 718.1 billion, attributed to lower currency issuance and reserve accounts, partially offset by increases in banks' current accounts and deposits at CBUAE.

Banking Sector: Total bank assets rose 0.9% to AED 4,348.6 billion. Gross credit grew slightly by 0.1% to AED 2,102.1 billion, as domestic credit expansion outweighed a decline in foreign credit.

Deposits: Bank deposits increased by 1.6% to AED 2,736.0 billion, due to growth in resident deposits (up 1.5%) and non-resident deposits (up 2.4%).

Source : www.centralbank.ae