Total assets of banks in the UAE increased by 1.3 percent, equivalent to 56 billion dirhams, by the end of last March, compared to February 2024.
According to data from the Central Bank of the UAE, total bank assets amounted to AED 4.254 trillion at the end of March 2024, compared to AED 4.198 trillion at the end of February 2024.
During March, total money supply (M1) rose by AED 31.1 billion to AED 878.1 billion, with the value of currency in circulation outside banks rising by AED 6 billion, in addition to an increase of AED 25.1 billion in cash deposits.
Total money supply (M2) also rose by AED 30 billion to AED 2.134 trillion, due to an increase in money supply (M1), which outpaced a decrease in quasi-monetary deposits by AED 1 billion.
Total money supply (M3) rose by AED 48 billion to AED 2.583 trillion due to an increase in money supply (M2) in addition to an increase in government deposits by AED 18.6 billion.
Total credit increased by AED 34 billion to AED 2.047 trillion in March, supported by a 1.1 percent increase in local credit and a 5.3 percent increase in foreign credit.
The monetary base of the banking sector expanded by 2.1 percent from Dh689.5 billion at the end of February to Dh703.7 billion at the end of March.
The Monetary Developments Report issued by the Central Bank of the UAE revealed a growth in total bank deposits in the country’s banking sector by 1.9 percent by the end of last March, compared to February 2024.
According to the report, total bank deposits in the country's banking sector rose to AED 2.657 trillion at the end of March 2024, compared to AED 2.608 trillion at the end of February 2024.
The increase in total bank deposits is due to a growth in resident deposits of 1.5 percent and non-resident deposits of 6.4 percent.
