UAE money supply soars 12.2% in June

The UAE money supply aggregate M3, an indicator of future inflation rose 12.2 per cent on the corresponding month a year ago, latest data posted on Central Bank website showed on Tuesday.

But for the second consecutive month, M3 money supply dropped 0.7 per cent in June versus May, to record 
Dh1.06 trillion.

M2 money supply, which includes time and savings deposits, increased 12.5 percent from the previous year, the central bank said. M1 supply growth, the narrowest measure, climbed 13 percent. M3 money supply includes demand deposits and currency outside banks.

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