WAM
24 Jan 2023, 03:43 GMT+10
ABU DHABI, 23rd January, 2023 (WAM) -- The Central Bank of the United Arab Emirates (CBUAE) announced that Gross banks' assets, including bankers' acceptances, increased by 0.7 percent, rising from AED 3.615 trillion at the end of October 2022 to AED 3.639 trillion at the end of November 2022.
According to figures published in CBUAE's November summary report on monetary and banking developments, gross credit rose by 0.5 percent from around AED 1.878 trillion at the end of October 2022 to around AED 1.887 trillion at the end of November 2022. Gross credit increased due to 0.8 percent rise in domestic credit, overriding the 1.7 percent reduction in foreign credit. Domestic credit grew because of 0.4 percent, 2.0 percent and 0.7 percent climbs in credit to the government sector, public sector (government related entities) and private sector, correspondingly; overriding the reduction in credit to the non-banking financial institutions by 3.8 percent.
Total bank deposits increased by 1.6 percent, mounting from around AED 2.204 trillion at the end of October 2022 to some AED 2.239 trillion at the end of November 2022. The growth was due to the rise in resident deposits by 2.5 percent, overshadowing the reduction in non-resident deposits by 6.2 percent. The deposits increased owing to 0.6 percent, 9.8 percent, 2.0 percent and 1.3 percent expansions in government sector deposits, public sector (government related entities) deposits, private sector deposits and non-banking financial institutions deposits, respectively.
The report also revealed that the monetary base expanded by 3.7 percent climbing from AED 468.8 billion at the end of October 2022 to AED 486.0 billion at the end of November 2022. The main drivers of this expansion were increases in currency issued and Banks & OFCs' current accounts & overnight deposits of banks at CBUAE by 4.8 percent and 58.3 percent, respectively. Whereas, reserve account and certificates of deposit and monetary bills decreased by 23.7 percent and 1.9 percent, individually.
The Money Supply aggregate M1 increased by 0.9 percent (m-o-m) reaching AED729.7 billion at the end of November 2022. This was due to AED 1.7 billion and AED 4.9 billion rise in currency in circulation outside banks and in monetary deposits, respectively.
The Money Supply aggregate M2 ascended by 3.0 percent, from around AED 1.629 trillion at the end of October 2022 to around AED1.678 trillion at the end of November 2022. M2 swelled due to an improved M1 and an increase of AED 42.1billion in quasi-monetary deposits.
The Money Supply aggregate M3 also rose by 2.5 percent, from around AED 2.058 trillion at the end of October 2022 to around AED 2.110 trillion at the end of November 2022. M3 grew because of an increased M2 and AED 2.7 billion expansion in government deposits.
Get a daily dose of Middle East Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Middle East Star.
More InformationSEOUL, South Korea: Korea Customs Service data released this week showed that South Korean exports for the first 20 days ...
DUBLIN, Ireland: Ireland reported a higher budget surplus than any other country among the 27-member European Union for the third ...
WASHINGTON D.C.: Based on a range of measurements, US manufacturing could have entered a recession in the fourth quarter of ...
FRANKFURT, Germany: German media has reported that American power chipmaker Wolfspeed Inc is planning to build a factory in Germany, ...
TOKYO, Japan: More than half of major Japanese companies are planning to raise wages this year, after Prime Minister Fumio ...
TAIPEI, Taiwan: Highlighting its worst performance in 13 years, Taiwan's trade-dependent economy contracted in the fourth quarter, affected by declining ...
Public health experts have welcomed Mexico's ban on cigarette smoking in all public places, including hotels and beaches, after the ...
YONKERS, New York: After testing discovered harmful levels of heavy metals in chocolate, consumer magazine Consumer Reports has urged four ...
OUAGADOUGOU, Burkina Faso: As Burkina Faso, in western Africa, faces an Islamist insurgency, it is set to end a military ...
TOKYO, Japan: Japanese Prime minister Fumio Kishida said this week that it was "now or never" for Japan, one of ...
WASHINGTON D.C.: As part of its efforts to simplify the national COVID-19 vaccine strategy, the US Food and Drug Administration ...
WASHINGTON D.C.: US authorities said this week that a surge in Cubans and Nicaraguans arriving at the US border with ...