Abu Dhabi – Mubasher: Total assets of banks operating in the UAE increased by 8% year-on-year, or AED 202.3 billion ($55.06 billion), to AED 2.841 trillion ($773.4 billion) in October, from AED 2.639 trillion ($718.37 billion), the UAE Central Bank’s data revealed.
Total deposits of the GCC nation’s lenders rose 7% to AED 1.721 trillion last month, compared to AED 1.6 trillion in October 2017, the central bank added.
The UAE’s bank lending grew 4% year-on-year to AED 1.646 trillion in October, against AED 1.584 trillion in the same month a year earlier.
Money supply
Money supply M1 fell 2.1% to AED 477.2 billion during October, down from AED 484.2 billion in September, while Money Supply M2 declined 2% to AED 1.265 billion, versus AED 1.291 billion.
Money Supply M3 decreased 1% to AED 1.565 billion last month, compared to AED 1.579 billion in September.
Money Supply M1 decreased due to an AED 7.1 billion decline in deposits, while Money Supply M2 levelled down in the back of an AED 18.4 billion drop in quasi-monetary deposits.
Money Supply M3 tumbled due to the drop of Money Supply M1 and Money Supply M2.
