Lending by UAE banks increased month on month in November 2017, reflecting increased economic activity in the country.
According to the UAE Central Bank’s figures, gross credit increased 0.7 per cent, rising from Dh1.584 trillion at the end of October 2017 to Dh1.594 trillion at the end of November 2017.
The apex bank’s Q3 2017 data showed that gross credit reached Dh1.58 trillion as against Dh1.545 trillion during the same quarter last year, an increase of 2.3 per cent.
During November 2017, total bank deposits also increased by Dh32 billion, mainly due to a Dh25.8 billion increase in resident deposits and Dh6.2 billion increase in non-resident deposits.
The UAE’s money supply decreased 0.3 per cent month on month in November 2017 from Dh492 billion at the end of October 2017 to Dh490.3 billion at the end of last month.
According to the UAE Central Bank’s figures, M1 money supply – which includes currency in circulation – declined due to a reduction of Dh4.1 billion in monetary deposits.
The money supply aggregate M2 increased by 0.4 per cent, from Dh1,244.1 billion at the end of October 2017 to Dh1,248.8 billion at the end of November 2017. The rise was brought about by Dh6.4 billion increase in quasi-monetary deposits.
The money supply aggregate M3 also increased by 1.8 per cent, from Dh1,467.3 billion to Dh1,494.3 billion. The M3, according to the Central Bank, increased due to an increased M2 and Dh22.3 billion increase in government deposits, overshadowing the reduction in M1.
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