The amount of cash in circulation in the Emirates fell in June while total bank deposits rose, Central Bank data showed yesterday.
The bank announced that money supply aggregate M0 (currency in circulation plus currency at banks) fell 1 per cent from Dh60 billion at the end of May to Dh59.4bn at the end of June.
Money supply aggregate M1, which is currency in circulation plus monetary deposits, or current accounts and call accounts at banks, rose 1.6 per cent, from Dh341.4bn at the end of May to Dh346.7bn at the end of June.
Money supply aggregate M2, which comprises M1 and savings deposits, commercial prepayments and residents' deposits in foreign currencies, rose 1.3 per cent, from Dh917.9bn at the end of May to Dh929.8bn at the end of June.
Money supply aggregate M3, made up of M2 plus government deposits at banks operating in the UAE as well as at the Central Bank, increased 0.6 per cent from Dh1.17 trillion at the end of May to Dh1.18tn at the end of June.
Total bank deposits rose 0.7 per cent during the month of June to close at Dh1.25tn. This was due to an increase in resident deposits, which went up by 0.8 per cent.Total bank loans and advances increased 1.4 per cent to reach Dh1.147tn, and total bank assets were up 0.2 per cent to reach Dh1.87tn at the end of June.
During the first six months of this year, monetary aggregate M2 rose 7.8 per cent.
Bank loans and advances climbed 4.4 per cent in the period, and total bank deposits increased 7.5 per cent, as a result of more resident deposits, which rose by 9.2 per cent, Central Bank data revealed.
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
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Install an air filter in your home.
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Shower or bath after being outside.
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
'Dark Waters'
Directed by: Todd Haynes
Starring: Mark Ruffalo, Anne Hathaway, William Jackson Harper
Rating: ****
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
What is double taxation?
- Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
- Those obligations apply to millions of Americans residing overseas – estimates range from 3.9 million to 5.5 million – including so-called "accidental Americans" who are unaware they hold dual citizenship
- The double taxation policy has been a contentious issue for decades, with many overseas Americans feeling that it punishes them for pursuing opportunities abroad
- Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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COMPANY PROFILE
Company name: Letstango.com
Started: June 2013
Founder: Alex Tchablakian
Based: Dubai
Industry: e-commerce
Initial investment: Dh10 million
Investors: Self-funded
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Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)