UAE Q2 money supply growth slowest in six years

ABU DHABI // Money supply growth slowed to 13.54 percent in the second quarter, its lowest level in more than six years, central bank data showed. M3, the broadest measure of money circulating the UAE economy and an indicator of future inflation, stood at Dh925.9 billion ($252.1bn) at the end of June compared with Dh815.51bn a year earlier, the central bank said on its website. That was up 2.3 per cent from the first quarter and marked the slowest annual rise in money supply since the fourth quarter of 2003 after money circulating in the second-largest Arab economy more than doubled in two years to the end of 2008.

Money supply fell 0.64 per cent in the month to June 30, the central bank said. *Reuters