According to the Emirates News Agency, the latest statistics of the Emirates Central Bank showed that the total bank credit increased by 1.3% from 1.7455 trillion dirhams at the end of February 2020 to 2.1768 billion dirhams at the end of March of the same year.
During March 2020, total bank deposits increased by 23.8 billion dirhams, as a result of an increase of 15.6 billion dirhams in resident deposits and an increase of 8.2 billion dirhams in non-resident deposits.
On the level of the money supply, the Central Bank announced that the money supply, N1, increased by 2.5% from 529.4 billion dirhams at the end of February 2020 to 542.7 billion dirhams at the end of March of the same year. The money supply, N1, includes cash in circulation outside banks + cash deposits, current accounts and accounts under The demand is in the banks, and the money supply increased by 2%, from 1.426 trillion dirhams at the end of February 2020 to 1.455 trillion dirhams at the end of March of the same year.
N2 includes both N1 + quasi-cash deposits, term deposits, savings deposits for dirham residents, and residents ’deposits in foreign currencies.
The N3 money supply increased by 1.2% from 1.6934 trillion dirhams at the end of February 2020 to 1.714 trillion dirhams at the end of March of the same year.
The Central Bank attributed the increase in the money supply, N1, to an increase of 3.7 billion dirhams in cash circulating outside the banks, and an increase in cash deposits by 9.6 billion dirhams, and an increase in the money supply, N2, as a result of an increase in the money supply, N1, and an increase of 15.3 billion dirhams in semi-cash deposits, while the increase in Money supply N3 to an increase in money supply, N1 and 2, and an increase in government deposits of 8.2 billion dirhams.
