Media ININ Economy We Trust
19-02-2019 Media in\ Abu Dhabi
Total assets of the banking system in the UAE, including banking receipts, rose to AED2,913 trillion in January of this year, growing by 1.2% compared to AED2.878 trillion in December 2018, the UAE Central Bank reported.
The rise in the assets of the banking system is the highest ever since the establishment of the system in the country, which reflects the extent of the great development witnessed during the past years.
The latest Central Bank statistics show that total bank credit increased by 0.3% in January to AED 1.662 trillion compared to AED 1.656 trillion in December.
On the deposits side, they fell very slightly due to a drop in resident deposits and AED 900 million in nonresidents’ deposits, according to Central Bank statistics.
The Central Bank’s report on monetary and banking developments showed that the money supply increased by 0.1% to reach AED 486 billion at the end of January of this year compared to AED 4485.6 billion in December, while the M2 / M2 declined during the same monitoring period From AED 1.308 trillion to AED 1.305 trillion.
The increase in the money supply / 1 is due to an increase of AED 600 million in cash outside banks, against a decrease of AED 200 million in cash deposits, and a 2% decline in the amount of AED 3.3 billion in semi-cash deposits.
In terms of money supply, it rose by 0.05% from AED 1.602 trillion in December 2018 to AED 1.603 trillion at the end of January.
The increase was supported by the increase in the money supply and the increase in government deposits by AED 3.7 billion.
It is noted that the money supply / 1 / includes cash in circulation outside banks + cash deposits / current accounts and demand accounts with banks / including 2 / quasi-cash deposits / time deposits and savings deposits for residents of dirhams, deposits of residents in foreign currencies / / 3 / Includes government deposits with banks operating in the UAE, as well as with the Central Bank plus cash offer.
