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UAE money supply growth slows to 2.1%

20 May 2010

(MENAFN) The UAE Central Bank said in a statement that money supply in the UAE grew 2.1 percent year-on-year at the end of last month, slowing down from a 3.3 percent rise in the previous month, Khaleej Times reported.

Bank credit grew 2.4 percent year-on-year to $278.2 billion last month, but edged down marginally from $278.3 billion in March, the central bank said.

M3, the broadest measure of money circulating in the economy and an indicator of future inflation, grew only 1.4 percent in February in the slowest pace since at least 2001 as banks grappled with Dubai’s debt restructuring.

Money circulating in the second-largest Arab economy and the world’s third-largest oil producer had more than doubled in the two years to the end of 2008.

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