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Gross banks' assets rose by 2.2% at end of February 2023: CBUAE
Total bank deposits increased by 0.4 %, data shows
The UAE Central Bank. Domestic credit expanded because of 2.8 per cent and 3.2 per cent increase in credit to the private sector. — KT file
Gross banks’ assets, including bankers’ acceptances, rose by 2.2 per cent , from Dh3.668 trillion at the end of January 2023 to Dh3.747 trillion at the end of February 2023, according to the Central Bank of the UAE’s Monetary & Banking Developments for February 2023.
Gross credit increased by 1.2 per cent from Dh1.874 trillion at the end of January 2023 to Dh1.896 trillion at the end of February 2023. Gross credit grew due to 1.6 per cent increase in domestic credit, overriding a 2.1 per cent decline in foreign credit.
Domestic credit expanded because of 2.8 per cent and 3.2 per cent increase in credit to the private sector and the non-banking financial institutions, correspondingly. Whereas, credit to the government sector and the public sector (government related entities), decreased by 0.2 per cent and 2.1 per cent , respectively.
Total bank deposits increased by 0.4 per cent, rising from Dh2.233 trillion at the end of January 2023 to Dh2.242 trillion at the end of February 2023. The growth in total bank deposits was due to increases in resident deposits by 0.2 per cent and non-resident deposits by 2.0 per cent. Resident reposits improved owing to increases by 2.1 per cent in both private sector and public sector (government related entities) deposits. However, government sector deposits and non-banking financial institutions’ deposits fell by 5.9 per cent and 8.7 per cent , individually.
The central bank also announced that the money supply aggregate M1 increased by 1.3 per cent, from Dh752.1 billion at the end of January 2023 to Dh762.0 billion at the end of February 2023. This was due to Dh0.5 billion and Dh9.4 billion growth in currency in circulation outside banks and in monetary deposits, respectively.
The money supply aggregate M2 climbed by 1.7 per cent, from Dh1.719 trillion at the end of January 2023 to Dh1.749 trillion at the end of February 2023. M2 rose due to an increased M1 and a rise of Dh19.6 billion in quasi-monetary deposits.
The money supply aggregate M3 also climbed by 0.3 per cent, from Dh2.124 trillion at the end of January 2023 to Dh2.13 trillion at the end of February 2023. M3 primarily increased because of an elevated M2, overshadowing the Dh23.3 billion fall in government deposits.
The monetary base expanded by 1.4 per cent climbing from Dh536.4 billion at the end of January 2023 to Dh543.9 billion at the end of February 2023. The main drivers of this expansion of the monetary base were increases in currency issued and monetary bills & Islamic certificates of deposit by 0.5 per cent and 8.3 per cent , respectively. Reserve account and banks & OFCs’ current accounts and overnight deposits of banks at CBUAE fell by 1.1 per cent and 4.0 per cent , correspondingly.
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