Bank deposits up 0.
7% to AED1,928.
7 bn by end of August: CBUAE
ABU DHABI, 12th October, 2021 – The Central Bank of the United Arab Emirates (CBUAE) said today that total bank deposits increased by 0.
7%, rising from AED 1,915.
1 billion at the end of July 2021 to AED 1,928.
7 billion at the end of August 2021.
In a statement today, the apex bank attributed the rise in total bank deposits to a 0.
6% increase in resident deposits and 1.
5% increase in non-resident Deposits.
Resident Deposits rose due to 4.
6% rise in government-related entities (GRE) deposits and 0.
6% rise in private sector deposits, superseding reductions in government sector deposits and non-banking financial institutions deposits by 1.
0% and 12.
1%, respectively.
In the meantime, the bank announced that the Money Supply aggregate M1 increased by 1.
1%, from AED 653.
9 billion at the end of July 2021 to AED 661.
1 billion at the end of August 2021.
“The money supply aggregate M2 increased by 0.
7%, from AED 1,477.
9 billion at the end of July 2021 to AED 1,487.
8 billion at the end of August 2021.
The Money Supply aggregate M3 also increased by 0.
3%, from AED 1,775.
0 billion at the end of July 2021 to AED1,780.
7 billion at the end of August 2021.
”
The rise in M1 was due to an AED9.
7 billion increase in Monetary Deposits, overriding AED 2.
5 billion reduction in currency in circulation outside banks.
M2 increased due to an increased M1 and an AED 2.
7 billion rise in Quasi-Monetary Deposits.
M3 rose due to increases in M1 and M2, overshadowing AED 4.
2 billion drop in government deposits.
The Monetary Base expanded by 1.
8 % rising from AED 436.
9 billion at the end of July 2021 to AED 444.
7 billion at the end of August 2021, added the statement.
“The main driving force behind this expansion in the Monetary Base was 68.
5% increase in Banks & OFCs’ current accounts & overnight deposits of banks at CBUAE, overshadowing the fall in Currency Issued by 2.
6%, in Reserve Account by 16.
2% and in certificates of deposit & monetary bills by 1.
5%.
”
Gross banks’ assets, including bankers’ acceptances, decreased by 0.
2%, declining from AED 3,233.
4 billion at the end of July 2021 to AED 3,228.
5 billion at the end of August 2021, according to the bank’s figures.
“Gross credit increased by 0.
2% climbing from AED 1,768.
6 billion at the end of July 2021 to AED 1,771.
4 billion at the end of August 2021.
” It attributed the gross credit increase to a 0.
3% rise in domestic credit, overshadowing the 0.
8% fall in foreign credit.
The rise in domestic credit was mainly due to 0.
6%, 0.
3% and an 4.
5% increase in credit to the government sector, private sector and non-banking financial institutions respectively, despite the reduction in credit to public sector (GRE) by 0.
3%.
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