55 billion dirhams increase in banking sector assets during October 2024

The assets of the banking sector in the country achieved a new record level, at the end of last October 2024, recording four trillion and 457 billion dirhams, compared to four trillion and 402 billion dirhams, at the end of the previous September, with a monthly increase of 55 billion dirhams, equivalent to a growth of 1.3%, according to Data issued yesterday by the Central Bank.

The data also showed that total credit increased by 0.6% during the month of last October, reaching two trillion and 175 billion dirhams, compared to two trillion and 162 billion dirhams at the end of the previous September, a monthly increase of 13 billion dirhams.

Total bank deposits also increased by 1.5%, reaching at the end of October two trillion and 802.5 billion dirhams, compared to two trillion and 761.4 billion dirhams at the end of the previous September, with a monthly increase of 41.1 billion dirhams.

Deposits continued to exceed loans by the end of October, amounting to 627.5 billion dirhams, which reflects the availability of large levels of liquidity in banks.

In turn, the Central Bank’s foreign assets recorded, at the end of last October, 815 billion dirhams, compared to 818 billion dirhams at the end of the previous September, a monthly decrease of three billion dirhams. The Central Bank’s foreign assets include balances and deposits with banks abroad worth 567.8 billion dirhams, in addition to foreign securities worth 181.2 billion dirhams, and other foreign assets worth 66.2 billion dirhams.

The total money supply “N1”, which includes cash in circulation (outside banks in addition to cash deposits), current accounts, and demand accounts with banks (by 1.5%), increased from 986.3 billion dirhams at the end of September 2024, to 909.9 billion dirhams at the end of last October.

The Central Bank attributed the increase to an increase of 14.9 billion dirhams in cash deposits, exceeding a decrease of 1.3 billion dirhams in the value of cash in circulation outside banks.

The money supply “M2”, which includes (M1, in addition to quasi-cash deposits), time deposits and savings deposits of residents in dirhams, and deposits of residents in foreign currencies (by 0.9%, increased from two trillion and 249.6 billion dirhams at the end of last September, to two trillion and 270 billion dirhams). 7 billion dirhams at the end of last October, a monthly increase of 21.1 billion dirhams).

The money supply “M3”, which includes (M2), in addition to government deposits with banks operating in the UAE, as well as with the Central Bank, also increased by 1.3%, from two trillion and 720 billion dirhams at the end of September to two trillion and 754.7 billion dirhams at the end of October. A monthly increase of 34.7 billion dirhams.