825.8 billion dirhams of foreign “central” assets at the end of November

Data issued by the Central Bank revealed yesterday that the total foreign assets it possesses amounted 1.3%growth.

The assets of the foreign central include banking balances and deposits with banks abroad, which recorded a noticeable increase during November 2024, as it reached 587.4 billion dirhams compared to 567.8 billion at the end of October, with a monthly increase of 19.6 billion dirhams, with a growth of 3.5%.

The banking balances and deposits of banks abroad are the largest foreign “central” assets, and constitutes 71% of the total of this item.

An official in the central bank told «Emirates Today» earlier that “these balances are kept in high -credit classification banks and an excellent reputation, and part of it is used to conduct financial settlements, minors and external payments for the banking sector in the UAE.” .

The source added at the time, that “the largest percentage of the origins of the foreign central bank is denounced in dollars, given the policy of linking in force for more than five decades.”

According to the data, among the foreign assets also for the “Central” is foreign securities worth 181 billion dirhams, and other foreign assets worth 57.2 billion dirhams.

The foreign assets of the central bank represent a major factor in financial and critical stability, and its importance lies in several aspects, including maintaining the stability of the exchange rate, especially since the dirham is linked to the American dollar, as well as enhancing confidence in the economy, as it provides a strong cash cover, which enhances confidence in the banking system, Whether for foreign or local investors, which contributes to attracting more investments, in addition to maintaining the high credit rating of the state.

According to the statistics of the “Central”, the monetary base increased by 0.7% from 743 billion dirhams, at the end of last October, to 748 billion dirhams at the end of November 2024, and the increase in the monetary base was driven by an increase by 3.1% in the exported currencies, and an increase of 26.9% in The reserve account, while both the current accounts of banks and other financial institutions and deposits for one night with the central bank decreased by 31.5%, cash permissions and Islamic deposit certificates by 5.6%. Total banking deposits increased by 1% by the end of last November to reach two trillion and 804.4 billion dirhams, compared to trillion and 802.5 billion dirhams at the end of October.

The “Central” attributed the increase in total deposits to the increase in the deposits of the residents by 0.5%, bypassing the decrease in the deposits of non -residents by 4.4%.

On the other hand, the total bank credit by the end of the comparison month decreased by 0.5% to trillion and 163.4 billion dirhams, compared to one trillion and 174.8 billion dirhams at the end of last October.

The total bank assets decreased by 0.1% by the end of last November, to reach four trillion, 451.4 billion dirhams, compared to four trillion and 456.8 billion dirhams at the end of October.

. 2.804 trillion dirhams total bank deposits.