Total banking assets in the UAE rose by 10.8% to Dh4.287 trillion at the end of May.
Has risen Total bank credit in UAEAED 15 billion, or 0.7%, from AED 2.063 trillion at the end of April to AED 2.078 trillion at the end of May 2024, as a result of a 0.7% increase in domestic credit and a 0.9% increase in foreign credit, according to the Monetary and Banking Developments Report for May 2024 issued today by Central Bank of the UAE.
The Central Bank of the UAE attributed the increase in domestic credit to increases in credit provided to the public sector/government-related entities/ and credit to the private sector by 0.6% and 1.2% respectively.
Total banking assets in the UAE, including bank acceptance certificates, rose to AED 4.287 trillion at the end of last May, with an annual growth of more than 10.8% compared to about AED 3.869 trillion in May 2023, an increase equivalent to AED 418.1 billion.
Total bank deposits amounted to about 2.678 trillion dirhams at the end of last May, with private sector deposits increasing by 1.2%, and deposits of non-banking financial institutions by about 2.7%.
The monetary base expanded by 1.8% from AED 714.3 billion at the end of last April to AED 727.1 billion at the end of May 2024, as a result of the increase in issued currencies by 1.4%, the reserve account and current accounts of banks and other financial institutions by 3.3%, and overnight deposits with the Central Bank by 29.4%.
