The UAE Central Bank announced that total banking assets, including bank acceptance certificates, increased on a monthly basis by 0.7%, from 3.615 trillion dirhams last October to 3.639 trillion dirhams in November 2022.
And the UAE Central Bank added - in the monetary and banking developments report for November 2022 - that total bank credit increased by 0.5% from 1.878 trillion dirhams at the end of last October to 1.887 trillion dirhams at the end of November 2022, as a result of the increase in domestic credit by 0.8%, exceeding the decrease. in foreign credit by 1.7%.
The UAE Central Bank report attributed the increase in domestic credit to the increase in credit granted to the government sector, the public sector (government-related entities), and the private sector by 0.4%, 2%, and 0.7%, respectively.
The UAE Central Bank report indicated that total bank deposits increased by 1.6% from 2.204 trillion dirhams at the end of last October to 2.239 trillion dirhams at the end of November 2022, as a result of the increase in resident deposits by 2.5%.
The report indicated that the increase in residents’ deposits came as a result of the increase in government sector deposits, public sector deposits (government-related entities), private sector deposits, and non-bank financial institutions’ deposits by 0.6%, 9.8%, 2%, and 1.3%, respectively.
The UAE Central Bank report pointed to the expansion of the monetary base by 3.7% from 468.8 billion dirhams at the end of last October to 486 billion dirhams at the end of November, as a result of the rise in the issued currency, and overnight deposits of banks and other financial institutions in the Central Bank by 4.8% and 58. 3% respectively.
