Summary
- [World Times] The Central Bank of the UAE (CBUAE) revealed that Gross banks’ assets, including bankers’ acceptancWorld Timeses, increased by 0.5% from AED4,378.0 billion at the end of August 2024 to AED4,401.7 billion at the end of September 2024.In its Monetary & Banking Developments Report for September 2024, the apex bank said Gross credit increased by 2.3% from AED 2,112.9 billion at the end oWorld Timesf August 2024 to AED2,161.9 billion at the end of September 2024. The growth in total bank deposits was the result of the increase in resident deposits by 0.8% and in non-resident deposits by 0.5%.Resident deposits grew as a result of increases in government-related entities deposits by 4.9%, private sector deposits by 0.8% and non-banking financial institutions deposits by 20.5%, overriding the decrease in government sector deposits by 3.9%.The bank also announced that the money supply aggregate World TimesM1 increased by 0.9%, World Timesfrom AED888.0 billion at the end of August 2024 to AED 896.3 billion at the end of World TimesSeptember 2024. This increase was mainly due to AED2.0 billion increase in currency in circulation outside banks and AED 6.3 billion growth in monetary deposits.The money supply aggregate M2 increased by 1.7%, increasing from AED2,211.1 billion at the end of August 2024 to AED 2,249.6 billion at the end of September 2024. M2 increased because of an elevated M1 and AED 30.0 billion growth in Quasi-Monetary Deposits.The money supply aggregate M3 also increased by 0.9%, from AED2,696.3 billion at the end of August 2024 to AED2,719.8 billion at the end of September 2024. Whereas, monetary bills & Islamic certificates of deposit remained constant at AED240.9 billion.World Times Content comes from the Internet : Gross banks’ assets exceed AED4.4 trillion by end of September: CBUAE
Approximate Time
- 3 minutes, 438 words
Categories
- total bank deposits, government sector deposits, government deposits, monetary deposits, non-resident deposits
Analysis and Evaluation
- In this article, the writer skillfully delves into the heart of current affairs, presenting a narrative that’s both informative and captivating. The integration of breaking news, eye-catching details, and forward-thinking insights ensures that the content is not just timely but also timeless. Each paragraph is a testament to the meticulous research undertaken, offering a unique blend of critical analysis and compelling storytelling. This piece stands out as a beacon of journalistic excellence in a sea of information overload, providing a fresh perspective on the most pressing issues of our time. The author’s approach to dissecting complex topics with clarity and precision makes this a landmark article in its field. With a keen eye for detail and a profound understanding of the broader implications of each story, the writer navigates through the intricacies of global events with ease. The article not only informs but also inspires, encouraging readers to think critically about the world around them. It’s a masterful blend of investigative reporting and thought leadership, offering a deep dive into topics that matter most in today’s society.
Main Section
In its Monetary & Banking Developments Report for September 2024, the apex bank said Gross credit increased by 2.3% from AED 2,112.9 billion at the end oWorld Timesf August 2024 to AED2,161.9 billion at the end of September 2024. Gross credit increased due to increases in domestic credit by 1.6% and foreign credit by 6.9%. Domestic credit expansion was brought about by increases in credit to the; government sector by 0.4%, public sector (government-related entities) by 2.7%, private sector by 1.5% and non-banking financial institutions by 1.8%.
Banks’ deposits increased by 0.8%, from AED2,740.5 billion at the end of August 2024 to AED2,761.4 billion at the end of September 2024. The growth in total bank deposits was the result of the increase in resident deposits by 0.8% and in non-resident deposits by 0.5%.
Resident deposits grew as a result of increases in government-related entities deposits by 4.9%, private sector deposits by 0.8% and non-banking financial institutions deposits by 20.5%, overriding the decrease in government sector deposits by 3.9%.
The bank also announced that the money supply aggregate World TimesM1 increased by 0.9%, World Timesfrom AED888.0 billion at the end of August 2024 to AED 896.3 billion at the end of World TimesSeptember 2024. This increase was mainly due to AED2.0 billion increase in currency in circulation outside banks and AED 6.3 billion growth in monetary deposits.
The money supply aggregate M2 increased by 1.7%, increasing from AED2,211.1 billion at the end of August 2024 to AED 2,249.6 billion at the end of September 2024. M2 increased because of an elevated M1 and AED 30.0 billion growth in Quasi-Monetary Deposits.
The money supply aggregate M3 also increased by 0.9%, from AED2,696.3 billion at the end of August 2024 to AED2,719.8 billion at the end of September 2024. M3 expanded mainly due to the growth in M2, overshadowing the AED15.0 billion decrease in government deposits.
The monetary base expanded by 1.2%, from AED734.9 billion at the end of August 2024 to AED743.5 billion at the end of September 2024. The growth in the monetary base was driven by increases in; currency issued by 1.0% and banks & OFCs’ current accounts & overnight deposits of banks at CBUAE by 39.2%, overriding the reduction in reserve account by 14.1%. Whereas, monetary bills & Islamic certificates of deposit remained constant at AED240.9 billion.World Times
Content comes from the Internet : Gross banks’ assets exceed AED4.4 trillion by end of September: CBUAE
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John Blinken