The Central Bank has announced that the Money Supply aggregate M1 increased by 0.04%, from AED472.4 billion at the end of October 2016 to AED472.6 billion at the end of November 2016.

In its statement, the bank announced that the Money Supply aggregate M2 increased by 0.8%, from AED1203.3 billion at the end of October 2016 to AED1212.9 billion at the end of November 2016.

"The Money Supply aggregate M3 increased by 1.7%, from AED1362.9 billion at the end of October 2016 to AED1385.8 billion at the end of November 2016," the statement added.

The increase in M1 was mainly due to an increase of AED0.6 billion in currency in circulation outside banks, which overshadowed the decrease of AED0.4 billion in monetary deposits. The increase in M2 was mainly attributed to an increase of AED9.4 billion in Quasi-Monetary Deposits. M3 increased due to the rise of AED13.3 billion in government deposits.

Gross bank assets, including bankers’ acceptances, increased by 1%, rising from AED2544.4 billion at the end of October 2016 to AED2568.7 billion at the end of November 2016. Gross credit increased by 0.4%, rising from AED1570.2 billion at the end of October 2016 to AED1576.2 billion at the end of November 2016.

During November 2016, total bank deposits increased by AED18 billion due to AED22.2 billion increase in Resident Deposits despite AED4.2 billion decrease in Non-Resident Deposits.