M3 scales new peak to AED1.807 trn as of Oct end
ABU DHABI/December 10-2020: The Central Bank of UAE has increased its cash & bank balances to the highest, in at least more than six years, to AED290.69 billion, accounting for 65.52 per cent of the total assets of CBUAE at AED443.66 billion, as of October end, 2020.
At the same time, the Apex bank has brought down its deposits and investments to the lowest in more than 6 years to AED54.34 billion and AED50.38 billion (barring in October, 2019) respectively.
Currency issued, currency in ‘circulation outside banks’ and monetary deposits, the main components of M1, reached record highs at AED113.6 billion, AED97.3 billion and AED477.2 billion respectively, as of October end, and so did obviously the M1, climbing to AED574.5 billion as of October end.
These factors have led M3 to scale a new high of AED1.807 trillion as of October end, 2020. During September too, M3, the broadest measure of money supply, had scaled a new peak at AED1.806 trillion.