Font Size

- Aa +

Fri 19 Mar 2010 07:15 AM

Font Size

- Aa +

UAE money supply growth slows to 1.3% at Feb-end

M3, broadest measure of money circulating in economy grows 4.1% in Jan.

UAE money supply growth slows to 1.3% at Feb-end
(Google Images)

Money supply in the UAE grew 1.3 percent year-on-year at the end of February, the slowest rate of growth since at least 2001, central bank data showed on Thursday.

M3, the broadest measure of money circulating in the economy and an indicator of future inflation, grew 4.1 percent in January.

It fell to 926.7 billion dirhams ($252.4 billion) at the end of February, from 934.1 billion at the end of January, the data showed.

Money circulating in the second-largest Arab economy and the world's third largest oil producer had more than doubled in the two years to the end of 2008. (Reuters)