The Central Bank announced that the Money Supply aggregate M1 increased by 0.9% (m-o-m) reaching AED 729.7 billion at the end of November 2022. This was due to AED 1.7 billion and AED 4.9 billion rise in Currency in Circulation Outside Banks and in Monetary Deposits, respectively.

The Money Supply aggregate M2 ascended by 3.0%, from AED 1,629.4 billion at the end of October 2022 to AED 1,678.1 billion at the end of November 2022. M2 swelled due to an improved M1 and an increase of AED 42.1 billion in Quasi-Monetary Deposits.

The Money Supply aggregate M3 also rose by 2.5%, from AED 2,058.8 billion at the end of October 2022 to AED 2,110.2 billion at the end of November 2022. M3 grew because of an increased M2 and AED 2.7 billion expansion in Government Deposits.

The Monetary Base expanded by 3.7% climbing from AED 468.8 billion at the end of October 2022 to AED 486.0 billion at the end of November 2022. The main drivers of this expansion in the Monetary Base were increases in Currency Issued and Banks & OFCs' Current Accounts & Overnight Deposits of Banks at CBUAE by 4.8% and 58.3%, respectively. Whereas, Reserve Account and Certificates of Deposit and Monetary Bills decreased by 23.7% and 1.9%, individually.

Gross banks’ assets, including bankers'acceptances, rose by 0.7%, rising from AED 3,615.2 billion at the end of October 2022 to AED 3,639.3 billion at the end of November 2022.

Gross credit rose by 0.5% from AED 1,877.9 billion at the end of October 2022 to AED 1,887.7 billion at the end of November 2022. Gross Credit increased due to 0.8% rise in Domestic Credit, overriding the 1.7% reduction in Foreign Credit. Domestic Credit grew because of 0.4%, 2.0% and 0.7% climb in credit to the Government Sector, Public Sector (Government Related Entities) and Private Sector, correspondingly; overriding the reduction in credit to the Non-Banking Financial Institutions by 3.8%.

Total Bank Deposits increased by 1.6%, mounting from AED 2,204.7 billion at the end of October 2022 to AED 2,239.2 billion at the end of November 2022. The growth in Total Bank Deposits was due to the rise in Resident Deposits by 2.5%, overshadowing the reduction in NonResident Deposits by 6.2%. Resident Deposits increased owing to 0.6%, 9.8%, 2.0% and 1.3% expansions in Government Sector Deposits, Public Sector (Government Related Entities) Deposits, Private Sector Deposits and Non-Banking Financial Institutions Deposits, respectively.