UAE bank deposits decline by $7.25bn

UAE Central Bank latest data shows total deposit at $433bn by June end
By Parag Deulgaonkar
Wed 19 Jul 2017 10:59 AM

Total bank deposits in UAE fell by 1.7 percent, or $7.25 billion (AED26.6bn), to $433bn (AED1.589 trillion) in June compared to May, the Central Bank said on Tuesday.

Resident and non-residents deposits fell in June by AED24.2bn and AED2.4bn, respectively.

Banks, however, managed to increase overall deposits by 1.67 percent to AED26.2bn in the first half of 2017 from end-2016.

Total assets declined by 1.2 percent to AED2.654 trillion from AED31.7bn in May, as the volume of credit portfolio dropped by 0.5 percent to AED1.591 trillion by June-end.

Money supply (M1) increased by 0.5 percent to AED507bn in June from AED 504.4bn a month before. According to the data, the M2 (money supply) declined by 0.6 percent to AED1.267 trillion and the M3 money supply fell by 1.7 percent to AED1.4631 trillion from AED1.4876 trillion in May.

The Central Bank attributed the rise in M1 to an increase in cash deposits by AED2.4bn, while the decrease in M2 was cited to a fall in quasi-monetary deposits by AED10.1bn.

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