The Central Bank of the UAE (CBUAE) revealed that gross banks’ assets, including bankers’ acceptances, increased by 1.3% from AED 4.4 trillion at the end of September 2024, exceeding AED 4.456 trillion by the end of October 2024.
Publish dateTuesday 21 January 2025 - 11:52
According to Amac News: Based on the "Monetary and Banking Developments - October 2024" report issued by CBUAE, gross credit rose by 0.6%, increasing from AED 2,161.9 billion at the end of September 2024 to AED 2,174.8 billion at the end of October 2024. This increase was attributed to a 0.6% rise in domestic credit and a 0.7% rise in foreign credit.
The report indicated that domestic credit grew due to a 0.2% increase in credit to the government sector, a 3.0% rise in credit to public sector entities, and a 0.1% increase in private sector credit, offsetting a 1.8% decline in non-banking financial institutions.
Banks’ deposits increased by 1.5%, rising from AED 2,761.4 billion at the end of September 2024 to AED 2,802.5 billion at the end of October 2024. The overall growth in bank deposits was due to a 1.2% increase in resident deposits and a 4.7% increase in non-resident deposits.
Resident deposits grew due to a 2.3% rise in government sector deposits, a 3.6% increase in government-related entities’ deposits, and a 1.1% increase in private sector deposits, overshadowing a 13.0% decrease in non-banking financial institutions’ deposits.
The Central Bank announced that the money supply aggregate M1 increased by 1.5%, rising from AED 896.3 billion at the end of September 2024 to AED 909.9 billion at the end of October 2024. This increase was mainly due to a growth of AED 14.9 billion in monetary deposits, outweighing a AED 1.3 billion decline in currency in circulation outside banks.
The money supply aggregate M2 increased by 0.9%, rising from AED 2,249.6 billion at the end of September 2024 to AED 2,270.7 billion at the end of October 2024. M2 increased due to the elevated M1 and a growth of AED 7.5 billion in quasi-monetary deposits.
The money supply aggregate M3 also increased by 1.3%, rising from AED 2,719.8 billion at the end of September 2024 to AED 2,754.7 billion at the end of October 2024. M3 increased mainly due to the growth in M2 and a AED 13.8 billion rise in government deposits.
The monetary base decreased by 0.1%, from AED 743.5 billion at the end of September 2024 to AED 743.0 billion at the end of October 2024.
The decline in the monetary base was driven by an 11.4% decrease in banks’ and OFCs’ current accounts and overnight deposits at CBUAE, overshadowing increases in currency issued by 0.8%, reserve accounts by 0.05%, and monetary bills and Islamic certificates of deposit by 6.2%.
The report indicated that domestic credit grew due to a 0.2% increase in credit to the government sector, a 3.0% rise in credit to public sector entities, and a 0.1% increase in private sector credit, offsetting a 1.8% decline in non-banking financial institutions.
Banks’ deposits increased by 1.5%, rising from AED 2,761.4 billion at the end of September 2024 to AED 2,802.5 billion at the end of October 2024. The overall growth in bank deposits was due to a 1.2% increase in resident deposits and a 4.7% increase in non-resident deposits.
Resident deposits grew due to a 2.3% rise in government sector deposits, a 3.6% increase in government-related entities’ deposits, and a 1.1% increase in private sector deposits, overshadowing a 13.0% decrease in non-banking financial institutions’ deposits.
The Central Bank announced that the money supply aggregate M1 increased by 1.5%, rising from AED 896.3 billion at the end of September 2024 to AED 909.9 billion at the end of October 2024. This increase was mainly due to a growth of AED 14.9 billion in monetary deposits, outweighing a AED 1.3 billion decline in currency in circulation outside banks.
The money supply aggregate M2 increased by 0.9%, rising from AED 2,249.6 billion at the end of September 2024 to AED 2,270.7 billion at the end of October 2024. M2 increased due to the elevated M1 and a growth of AED 7.5 billion in quasi-monetary deposits.
The money supply aggregate M3 also increased by 1.3%, rising from AED 2,719.8 billion at the end of September 2024 to AED 2,754.7 billion at the end of October 2024. M3 increased mainly due to the growth in M2 and a AED 13.8 billion rise in government deposits.
The monetary base decreased by 0.1%, from AED 743.5 billion at the end of September 2024 to AED 743.0 billion at the end of October 2024.
The decline in the monetary base was driven by an 11.4% decrease in banks’ and OFCs’ current accounts and overnight deposits at CBUAE, overshadowing increases in currency issued by 0.8%, reserve accounts by 0.05%, and monetary bills and Islamic certificates of deposit by 6.2%.
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Source : news agency wam
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