UAE Consumers on Spending Sprees

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  • Deposits decreased, loans increased

The UAE Central Bank today announced that money supply M0 (currency in circulation + currency at banks) increased by 0.4%, from AED 50.3 billion at the end of April 2011 to AED 50.5 billion at the end of May of the same year.

Meanwhile, money supply M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) decreased by 0.2%, from AED 261.2 billion to AED 260.6 billion.

As regards money supply M2 which comprises M1 plus quasi-monetary deposits (the sum of resident time and savings deposits in Dirhams, commercial prepayments in Dirhams and resident deposits in foreign currencies), it decreased by 1.1%, from AED 850.5 billion as at the end of April 2011 to AED 841.1 billion at the end of May of the same year.

And money supply M3 (M2 plus government deposits at the banking sector) decreased by 0.6%, from AED 1,076.1 billion at the end of April 2011 to AED 1,070.0 billion at the end of May of the same year.

Bank deposits decreased by 0.4% during the month of May 2011, reaching AED 1,123.5 billion. Meanwhile, total bank loans and advances (net of provisions and interest in suspense) decreased by 0.5%, reaching AED 1,048.7 billion, and total bank assets increased by 0.5%, reaching AED 1,703.5 billion at the end of May of the same year.

During the first five months of 2011, intermediary monetary aggregate M2 as well as bank deposits increased by 7.0%, while bank loans and advances increased by 1.7%.

Bank deposits decreased by 0.4% during the month of May 2011, reaching AED 1,123.5 billion. Meanwhile, total bank loans and advances (net of provisions and interest in suspense) decreased by 0.5%, reaching AED 1,048.7 billion, and total bank assets increased by 0.5%, reaching AED 1,703.5 billion at the end of May of the same year.

During the first five months of 2011, intermediary monetary aggregate M2 as well as bank deposits increased by 7.0%, while bank loans and advances increased by 1.7%.

Bank deposits decreased by 0.4% during the month of May 2011, reaching AED 1,123.5 billion. Meanwhile, total bank loans and advances (net of provisions and interest in suspense) decreased by 0.5%, reaching AED 1,048.7 billion, and total bank assets increased by 0.5%, reaching AED 1,703.5 billion at the end of May of the same year.

During the first five months of 2011, intermediary monetary aggregate M2 as well as bank deposits increased by 7.0%, while bank loans and advances increased by 1.7%.

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