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Gross UAE banks’ assets valued at Dh3.44t in May
CBUAE clarified that the gross credit grew by 2.6 per cent rising from Dh1.817 trillion at the end of April 2022 to Dh1.866 trillion at the end of May 2022
Gross credit rose due to three per cent increase in domestic credit, overriding the 0.1 per cent reduction in foreign credit. — File photo
The Central Bank of the UAE has announced that the gross banks’ assets, including bankers’ acceptances, rose to Dh3.443 trillion at the end of May 2022, an increase of 2.9 per cent, compared to Dh3.345 trillion at the end of April 2022.
In its report on the Monetary & Banking Developments for May 2022, CBUAE clarified that the gross credit grew by 2.6 per cent rising from Dh1.817 trillion at the end of April 2022 to Dh1.866 trillion at the end of May 2022.
Gross credit rose due to three per cent increase in domestic credit, overriding the 0.1 per cent reduction in foreign credit.
Domestic credit mounted mainly due to 1.4 per cent, 1.3 per cent, 3.5 per cent and 16.9 per cent surges in credit to government sector, public sector (government-related entities), private sector, and non-banking financial institutions, respectively.
Total bank deposits increased by 1.6 per cent, climbing from Dh2.008 trillion at the end of April 2022 to Dh2.04 trillion at the end of May 2022. The growth in total bank deposits was due to the ascent in resident deposits by 2.0 per cent, overshadowing the reduction in non-resident deposits by 1.2 per cent.
Resident deposits increased owing to 10.6 per cent, 6.1 per cent and 0.02 per cent escalations in government sector deposits, public sector (GREs) deposits and private sector deposits, respectively.
On the other hand, non-banking financial institutions deposits diminished by 18.0 per cent.
The money supply aggregate M1 decreased by 2.8 per cent, from Dh730.4 billion at the end of April 2022 to Dh710.1 billion at the end of May 2022. The fall was due to Dh4.6 billion reduction in currency in circulation outside banks and Dh15.7 billion decrease in monetary deposits.
The money supply aggregate M2 (that includes M1 + Quasi-Monetary Deposits) increased by 0.1 per cent, from Dh1.567 trillion at the end of April 2022 to Dh1.568 trillion at the end of May 2022. M2 rose due to Dh21.1 billion increase in quasi-monetary deposits, overriding the drop in M1.
The money supply aggregate M3 (that includes M2 + government deposits) also rose by 1.7 per cent, from Dh1.859 trillion at the end of April 2022 to Dh1.890 trillion at the end of May 2022. M3 soared due to the elevated M2, boasted by Dh30.8 billion growth in government deposits.
— issacjohn@khaleejtimes.com
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