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Mon 20 Jul 2009 01:19 PM

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UAE money supply slows to lowest level in six years

Measure of money circulating the UAE economy slows to 13.54%, central bank figures show.

UAE money supply growth slowed to 13.54 percent in the second quarter, its lowest level in more than six years, central bank data showed.

M3, the broadest measure of money circulating the UAE economy and an indicator of future inflation, stood at AED925.9bn ($252.1bn) at the end of June compared with AED815.51bn a year earlier, the central bank said on its website.

That was up 2.3 percent from the first quarter and marked the slowest annual rise in money supply since the fourth quarter of 2003 after money circulating in the second-largest Arab economy more than doubled in two years to the end of 2008.

Money supply fell 0.64 percent in the month to June 30, the central bank said. (Reuters)

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