The UAE gross bank assets amounted to AED2.913 trillion by the end of January 2019, 1.2 percent up from AED2.878 trillion by the end of December 2018, according to Central Bank of UAE statistics released recently.
Gross credit increased to around AED1.662 trillion by the end of January, a growth of 0.3 percent from AED1.656 trillion in December last year, as per a report from WAM.
With regards to monetary developments, Money Supply M1, which comprises currency in circulation outside Banks (Currency Issued – Cash at banks) plus Monetary Deposits, increased by 0.1 percent to AED486 bn by the end of January against AED4485.6 bn in December.
In the meantime, Money Supply M2 (M1 plus Quasi Monetary Deposits (Resident Time and Savings Deposits in Dirham plus Resident Deposits in Foreign Currencies)), decreased from AED1.308 trillion to circa AED1.305 trillion during the same period.
The report from WAM adds that with government deposits up AED3.7 bn, Money Supply M3 (M2 plus government deposits at banks and at the Central Bank) increased 0.05 percent from AED1.602 trillion in December 2018 to 1.603 trillion by the end of January 2019.
