Data issued by the Central Bank revealed yesterday that the monetary base of the United Arab Emirates rose by 15 billion dirhams last November to reach 405 billion dirhams at the end of the month, compared to 390 billion dirhams at the end of last October.
The monetary base includes: issued cash, reserves, cash accounts for banks with the central bank, and certificates of deposit.
The increase in the monetary base came as a result of the increase in the issued cash by 3.5%, amounting to 94.8 billion dirhams during November 2019, as well as the obligatory reserves of banks to 127.5 billion dirhams, while the balance of deposit certificates held with banks amounted to 149.8 billion dirhams, compared to 155.7 billion dirhams, a decrease of 5.9 Billions of dirhams. The total assets of the Central Bank increased during November of this year to about 439.8 billion dirhams, compared to 427.1 billion dirhams in October of the same year, an increase of 12.7 billion dirhams, equivalent to a growth of nearly 3%.
The data showed that deposits at the Central Bank increased to 141 billion dirhams in November, compared to 126.5 billion dirhams at the end of last October.
The money supply «N3» at the banking system increased to 1.682 trillion dirhams last November, compared to 1,681 trillion dirhams in the previous October.