25 July 2022 10:28
The Central Bank of the Emirates announced an increase in total banking assets inclusive to 3.344 trillion dirhams at the end of last April, an increase on a monthly basis by 0.3%, or the equivalent of 8.4 billion dirhams, compared to 3.336 trillion dirhams in March 2022.
The Central Bank indicated in the monetary and banking developments report for the month of April 2022, that banking assets rose on an annual basis by 5.54%, or the equivalent of 175.5 billion dirhams, compared to 3.169 trillion dirhams in April 2021.
The report indicated that bank credit reached 1.817 trillion dirhams last April, with an annual increase of 3.07%, or 54.2 billion dirhams, compared to 1.763 trillion dirhams in April 2021, while bank credit decreased on a monthly basis by 0.8% compared to 1.831 trillion dirhams. Last March, as a result of a 1.1% decline in domestic credit, compared to a 1.9% increase in foreign credit.
Total bank deposits rose on a monthly basis by 0.1% from 2.006 trillion dirhams at the end of last March to 2.008 trillion dirhams at the end of April 2022, as a result of a 14.8% increase in non-resident deposits compared to a 1.6 percent decrease in resident deposits, while deposits increased on a monthly basis. An annual increase of 7%, or 131.1 billion dirhams, compared to 1.877 trillion dirhams in April 2021.
The monetary base expanded by 1.2%, from 481 billion dirhams at the end of last March to 486.9 billion dirhams at the end of April 2022, as a result of an increase in the issued cash and reserve account by 6.7% and 27.6%, respectively, compared to the decrease in current accounts and overnight deposits for banks and institutions. Other financial statements in the Central Bank, certificates of deposit and cash bills increased by 16.6% and 3.8%, respectively.
According to the Central Bank’s report, the “N1” money supply (which includes cash in circulation outside banks + cash deposits “current and demand accounts with banks”) increased by 0.3% from 728.2 billion dirhams at the end of last March to 730.4 billion dirhams at the end of April 2022, This is as a result of an increase of 4.3 billion dirhams in cash in circulation outside banks, compared to a decrease of 2.1 billion dirhams in cash deposits.
The money supply “M2” / includes “M1” + quasi-monetary deposits “time and savings deposits for residents in dirhams and deposits of residents in foreign currencies/” decreased by 1.6 percent from 1.593 trillion dirhams at the end of last March to 1.567 trillion dirhams at the end of April 2022.
The money supply “N3”, which includes “N2” + government deposits with banks operating in the country as well as with the Central Bank, decreased by 1.4% from 1.885 trillion dirhams at the end of last March to 1.858 trillion dirhams at the end of April 2022.
Source: wam
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