The central bank announced yesterday that the total assets of the banking system in the country, including bank receipts, rose to AED2,913 trillion at the end of January, a growth of 1.2% compared to AED2.878 trillion at the end of December 2018.
The latest statistics from the Central Bank showed that total bank credit increased by 0.3% at the end of January, reaching AED 1.662 trillion compared to AED 1.656 trillion in December.
According to statistics released by the Central Bank in a statement, total bank deposits declined by AED 1 billion in January 2019 as a result of a decrease of AED 0.1 billion in resident deposits and a decrease of AED 0.9 billion in non-resident deposits.
The central bank's report on monetary and banking developments increased by 0.1% to reach AED 486 billion at the end of January 2008 compared to AED485.6 billion last December, while the money supply (M2) decreased during the monitoring period From AED 1.308 trillion to AED 1.305 trillion.
The increase in the money supply (N1) was due to an increase of AED 600 million in cash outside banks compared to a decrease of AED 200 million in cash deposits. The decline of N2 resulted in a decrease of AED 3.3 billion in semi-cash deposits.
As for the money supply (N3), it increased by 0.05% from AED 1.602 trillion in December 2018 to AED 1.603 trillion at the end of January 2019.
This increase was supported by the increase in the money supply (N1), as well as the increase in government deposits by AED 3.7 billion.
Money supply (N1) includes cash out of banks plus cash deposits (current accounts and call accounts with banks), including (n2), money supply (1) plus quasi cash deposits (time deposits, savings deposits for residents of dirhams, (N3), plus government deposits with banks operating in the UAE, as well as with the Central Bank.