The Central Bank of the Emirates (CBUAE) published a report stating that the total gross assets of banks, including bank acceptances, increased by 0.5 percent from AED 4,287.0 billion at the end of May 2024 to AED 4,310.2 billion at the end of June 2024.
Publish dateThursday 12 September 2024 - 14:16
According to the report, gross credit has increased by 0.8 percent and foreign credit by 2.9 percent.
This bank stated in its report that the increase in domestic credit due to the increase in credit to the public sector (personalities related to the government) and the private sector was 1.4 and 1.0 percent, respectively, which compensated for the decrease of 1.1 percent and 0.6 percent in the credit of the public sector.
Bank deposits increased by 0.5 percent, from AED 2,678.2 billion at the end of May 2024 to AED 2,692.5 billion at the end of June 2024. The growth in total bank deposits was driven by an 8.4 percent increase in non-resident deposits.
According to the CBUAE report, residents' deposits were 3.0% as a result of the decrease in public sector deposits and 0.1% in government-related institutions' deposits, while private sector's deposits at the end of June 2024 were 0.4% and non-bank financial institutions' deposits were 6%. It has increased by 6%.
The central bank announced that total M1 money supply increased by 0.6 percent from 879.2 billion dirhams at the end of May 2024 to 884.1 billion dirhams at the end of June 2024. This is due to an increase of 7.3 billion dirhams in monetary deposits. There has been a decrease of 2.4 billion dirhams in circulation outside banks.
The central bank announced that the bank's foreign assets do not include reserve positions (RTPs) and special drawing rights (SDRs) with the International Monetary Fund (IMF).
The balance sheet of the Central Bank of the United Arab Emirates stood at 806.39 billion dirhams at the end of June, an increase of 24.2% compared to 649.4 billion dirhams in June 2023, representing an increase of 157 billion dirhams year-on-year.
According to the statistics, the Central Bank's balance sheet in June was 352.79 billion dirhams for cash and bank balances with investments of 206.43 billion dirhams, 208.78 billion dirhams for deposits, 1.71 billion dirhams for loans, 0.68 billion for other assets, advances and 36 dirhams has distributed
In the debt and capital sector, the balance sheet is 396.72 billion dirhams for current and deposit accounts, 226.93 billion dirhams for monetary bills and Islamic certificates of deposit, 145.36 billion dirhams for banknotes and coins issued, 26.56 billion dirhams for bills and 10.82 billion dirhams for others. Debts are distributed coins.
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Source : news agency wam
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