Central Bank’s budget hits an all-time high of AED650 billion in H1 2023

Central Bank’s budget hits an all-time high of AED650 billion in H1 2023

The Central Bank of the UAE's public budget reached an all-time high of AED650 billion by the end of June 2023, as revealed by its latest fiscal report.

The report for June 2023 showed that a monthly increment of 0.2 percent led the public budget to rise to AED649.42 billion at the end of June, compared to AED648.12 billion in the previous month of May, an increase of AED1.3 billion within one month.

On an annual basis, the central bank's public budget surged by 32.15 percent, equivalent to AED158 billion, in contrast to some AED491.4 billion in June 2022.

This momentum extended into the current year with a 17.5 percent rise since the start of the year, compared to some AED552.5 billion at the end of December 2022, an increment of AED97 billion during the year's first half.

The budget’s allocation delineated on the assets side, which saw AED257.2 billion apportioned to cash and bank balances for June.

Additionally, investments held until maturity were earmarked at AED211.32 billion, while deposits accounted for AED135.34 billion.

Loans and advances received an allocation of AED4.18 billion, and other assets were assigned AED41.38 billion.

Conversely, on the liabilities and capital side, AED284.78 billion was allocated for current and deposit accounts. Cash permits and Islamic deposit certificates were assigned some AED205.72 billion.

Furthermore, AED136.48 billion was apportioned for issued cash securities and coins, and capital and reserves received AED12.73 billion, with other liabilities accounting for AED9.71 billion.

News Source: Emirates News Agency

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