UAE money supply continues to accelerate
Money supply growth in the UAE, an indicator of future inflation, grew 11.2% from March to June, central bank data showed on Wednesday.
M3, the broadest measure of money circulating in the economy, was 600.3 billion dirhams ($163.5 billion) at the end of June, compared with 539.7 billion at the end of March, the data showed.
M2, which measures notes and coins circulating in the economy and cash in bank deposits, grew 34.34% in the 12 months to June 30.
Quasi-money, which measures cash in bank accounts other than demand deposits, was the main driver of growth.
Foreign currency deposits increased 26.1% in the year to June 30 and dirham deposits 39.9%.
Foreign assets and gold holdings held by the central bank grew 23% to 159.3 billion dirhams in the three months to June. Source
M3, the broadest measure of money circulating in the economy, was 600.3 billion dirhams ($163.5 billion) at the end of June, compared with 539.7 billion at the end of March, the data showed.
M2, which measures notes and coins circulating in the economy and cash in bank deposits, grew 34.34% in the 12 months to June 30.
Quasi-money, which measures cash in bank accounts other than demand deposits, was the main driver of growth.
Foreign currency deposits increased 26.1% in the year to June 30 and dirham deposits 39.9%.
Foreign assets and gold holdings held by the central bank grew 23% to 159.3 billion dirhams in the three months to June. Source
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