FINANCIAL NEWS

UAE’s money supply falls 2.1% in Dec

06 Mar 2012

(MENAFN) The UAE’s Central Bank said that at the end of December 2011, money supply fell by 2.1 percent from a month earlier, reported Emirates 24/7.

The bank added that money supply M0 (currency in circulation + currency at banks) reached USD14.18 billion from USD14.48 billion at the end of November.

It also said that money supply aggregate M1 (currency in circulation + monetary deposits) dropped by 0.2 percent, to USD71.88 billion from USD72.02 billion.

Moreover, money supply aggregate M2 (M1+ quasi-monetary deposits (resident time and savings deposits in Dirhams, commercial prepayments in Dirhams and resident deposits in foreign currencies), rose by 0.5 percent, to USD224.78 billion.

It is worth noting that total bank deposits in December went up by 1.5 percent to around USD290 billion.

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