The UAE Central Bank today said that money supply (currency in circulation + currency at banks) decreased by 1.3 per cent from Dh53.8 billion at the end of May to Dh53.1 billion at the end of June.
In a statement, the apex bank said money supply aggregate M1 (currency in circulation plus monetary deposits) increased by 0.9 per cent to Dh284.3 billion in June, compared to a month earlier. Money supply aggregate M2, which comprises M1 and quasi-monetary deposits, decreased by 0.6 per cent to Dh827.1 billion at the end of June, compared to May, it added.
“June and July are slower compared to other months. The central bank figures indicate less liquidity in the system, it also means capital outflows or remittances out of the system have been more pronounced,” Dubai-based economist Nasser Saidi told Gulf News by telephone.
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