UAE M2 Growth Hits a NEW LOW (Re-post)

The UAE’s M2 growth continued its downward spiral by hitting a new low of 6.2% YoY for the month of June. Comparing this figure to the 47.7% YoY growth rate in January 2008, one comprehends the significant challenges the UAE is facing. The poetic Sheik al-Maktoum once said, “Money is like water. If you lock it up, it becomes stagnant and foul-smelling, but if you let it flow, it stays fresh.” The Emarati economy is currently crying for the once abundant water, but it seems the storage tanks are.. empty.