The Central Bank of the United Arab Emirates (CBUAE) announced that the country’s total bank assets, including bank acceptances, increased to AED 4.4017 trillion at the end of September 2024, an increase of 0.5% compared to AED 4.378 trillion at the end of August 2024.
Publish dateTuesday 17 December 2024 - 22:58
According to Amac News: The bank’s Monetary and Banking Developments Report for September 2024 also noted that total credit also increased by 2.3%, reaching AED 2.1129 trillion at the end of August 2024 to AED 2.1619 trillion at the end of September 2024.
This increase in credit was due to the growth of domestic credit by 1.6% and external credit by 6.9%.
Bank deposits also increased by 0.8%, from AED 2.7405 trillion at the end of August 2024 to AED 2.7614 trillion at the end of September 2024. This growth in total bank deposits was due to an increase in resident deposits by 0.8% and non-resident deposits by 0.5%.
Resident deposits grew due to an increase in deposits from related government entities by 4.9%, private sector deposits by 0.8% and deposits from non-bank financial institutions by 20.5%, while government sector deposits decreased by 3.9%.
The CBUAE also announced that the M1 liquidity volume increased by 0.9% from AED 888.0 billion at the end of August 2024 to AED 896.3 billion at the end of September 2024. This increase was mainly due to an increase of AED 2.0 billion in liquidity in circulation outside banks and AED 6.3 billion in monetary deposits.
The M2 liquidity volume also increased by 1.7%, from AED 2.2111 trillion at the end of August 2024 to AED 2.2496 trillion at the end of September 2024. This increase was due to an increase in M1 and an increase of AED 30.0 billion in quasi-monetary deposits.
The M3 liquidity volume also increased by 0.9%, from AED 2.6963 trillion at the end of August 2024 to AED 2.7198 trillion at the end of September 2024. This increase was mainly due to an increase in M2 and offset a decrease of AED 15.0 billion in government deposits.
The monetary base also increased by 1.2%, from AED 734.9 billion at the end of August 2024 to AED 743.5 billion at the end of September 2024. This growth was driven by a 1.0% increase in liquidity in circulation and a 39.2% increase in current accounts and overnight deposits of banks in the CBUAE, while reserve accounts decreased by 14.1%. Also, money market bills and Islamic certificates of deposit remained stable at AED 240.9 billion.
This increase in credit was due to the growth of domestic credit by 1.6% and external credit by 6.9%.
Bank deposits also increased by 0.8%, from AED 2.7405 trillion at the end of August 2024 to AED 2.7614 trillion at the end of September 2024. This growth in total bank deposits was due to an increase in resident deposits by 0.8% and non-resident deposits by 0.5%.
Resident deposits grew due to an increase in deposits from related government entities by 4.9%, private sector deposits by 0.8% and deposits from non-bank financial institutions by 20.5%, while government sector deposits decreased by 3.9%.
The CBUAE also announced that the M1 liquidity volume increased by 0.9% from AED 888.0 billion at the end of August 2024 to AED 896.3 billion at the end of September 2024. This increase was mainly due to an increase of AED 2.0 billion in liquidity in circulation outside banks and AED 6.3 billion in monetary deposits.
The M2 liquidity volume also increased by 1.7%, from AED 2.2111 trillion at the end of August 2024 to AED 2.2496 trillion at the end of September 2024. This increase was due to an increase in M1 and an increase of AED 30.0 billion in quasi-monetary deposits.
The M3 liquidity volume also increased by 0.9%, from AED 2.6963 trillion at the end of August 2024 to AED 2.7198 trillion at the end of September 2024. This increase was mainly due to an increase in M2 and offset a decrease of AED 15.0 billion in government deposits.
The monetary base also increased by 1.2%, from AED 734.9 billion at the end of August 2024 to AED 743.5 billion at the end of September 2024. This growth was driven by a 1.0% increase in liquidity in circulation and a 39.2% increase in current accounts and overnight deposits of banks in the CBUAE, while reserve accounts decreased by 14.1%. Also, money market bills and Islamic certificates of deposit remained stable at AED 240.9 billion.
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Source : news agency wam
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