The gross banks’ assets, including bankers’ acceptances, increased by 0.8 percent, from AED 4,075.2 billion at the end of December 2023 to AED 4,109.1 billion at the end of January 2024, according to the Central Bank of the UAE (CBUAE).
The bank in its monetary and banking developments for January 2024 reported that gross credit grew by 0.2 percent from AED 1,991.7 billion at the end of December 2023 to AED 1,996.2 billion at the end of January 2024.
CBUAE reported that the gross credit rose due to an increase in foreign credit by 1.9 percent, overshadowing a lessening of domestic credit by 0.01 percent. Domestic credit diminished because of 0.1 percent, 1.3 percent and 13.6 percent contraction in credit to the government sector, the public sector (government related entities) and the non-banking financial institutions, respectively. On the other hand, credit to the private sector increased by 0.5 percent, during January 2024.
In January 2024, total bank deposits in the UAE rose by 0.7%, reaching AED 2,539.9 billion, driven by a 0.9% increase in resident deposits despite a 1.8% decrease in non-resident deposits. The monetary base expanded by 1.8%, reaching AED 670.9 billion, primarily due to a 12.8% increase in monetary bills & Islamic certificates of deposit. Money supply aggregates M1, M2, and M3 also saw increases: M1 by 0.1% to AED 830.0 billion, M2 by 0.2% to AED 2,028.3 billion, and M3 by 1.3% to AED 2,478.0 billion, supported by rises in currency in circulation, quasi-monetary deposits, and government deposits.
News Source: Emirates News Agency
