UAE central bank says monetary aggregate rose 7.8% on year | GulfNews.com

UAE central bank says monetary aggregate rose 7.8% on year | GulfNews.com:

"The UAE Central Bank said yesterday during the first six months of 2013, monetary aggregate M2 increased 7.8 per cent on year, while bank loans and advances surged 4.4 per cent and total bank deposits were up 7.5 per cent year-on-year as a result of an increase in resident deposits by 9.2 per cent.
“The rise of loans and deposits reflects that there’s greater confidence of investors in the UAE economy,” Dr Abdul Hameed, an Abu Dhabi-based economist at the Ministry of Economy told Gulf News by telephone.
In June, the country’s apex bank said in a statement, the money supply aggregate M0 (currency in circulation plus currency at banks) decreased 1 per cent to Dh59.4 billion from Dh60.0 billion at the end of May 2013."

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