UAE monetary base expands six percent to AED371.6 bn

ABU DHABI,The UAE monetary base expanded 6.00 percent to an 11-month high of AED371.6 bn by end of November from AED350.6 bn by the end of October, according to the Central Bank of UAE statistics released today.

Certificates of deposits purchased by Banks slightly declined to AED125.8 bn, with banks’ required reserves amounting to AED121.8 bn.

Current accounts of banks at CBUAE multiplied to AED36.3 bn during November from AED18.2 billion by the end of October same year.

A monetary base is the total amount of a currency that is either in general circulation in the hands of the public or in the commercial bank deposits held in the central bank’s reserves.

Source: Emirates News Agency