UAE Bank Deposits Drop 1.6% In June

Total bank deposits in the UAE decreased by 1.6 per cent month-on month during June this year to close at Dhs1.107 trillion, according to figures released by the UAE Central Bank.

Total bank assets increased by 0.4 per cent to reach Dhs1.73 trillion during the month, while loans and advances rose by 1.5 per cent to reach Dhs1.09 trillion, official news agency WAM reported.

According to the data, money supply M0 (currency in circulation plus currency at banks) decreased by 1.3 per cent from Dhs53.8 billion at the end of May to Dhs53.1 billion at the end of June.

Money supply aggregate M1 (currency in circulation plus monetary deposits) rose by 0.9 per cent to Dhs284.3 billion, money supply aggregate M2 (M1 and quasi-monetary deposits) decreased by 0.6 per cent to Dhs827.1 billion, and money supply aggregate, M3 (M2 plus government deposits at all banks) decreased by 2.6 per cent to Dhs1.02 trillion at the end of June.

During the first half of the year, bank deposits increased by 3.5 per cent, while loans and advances increased by 1.8 per cent, the central bank added.