4.348 trillion dirhams in banking sector assets at the end of July

The Central Bank of the Emirates revealed that total banking assets, including bank acceptance certificates, rose to 4.348 trillion dirhams at the end of July last year, a monthly increase of 0.9%, compared to about 4.31 trillion dirhams in June 2024.

The Central Bank, in a report yesterday on “Financial and Banking Developments for July 2024,” said total credit rose 0.1% to 2.102 trillion dirhams at the end of July, compared to 2.101 trillion dirhams at the end of the Last June, as a result of the increase in total domestic credit By 0.3%, compensating for the decrease in foreign credit by 1.5%.

The Central Bank influenced the expansion of domestic credit as an increase in credit to the government and private sectors by 1.2% and 0.7%, respectively, higher than the decline in credit given to the public sector (related entities to the government) by 1.9%, and to non-banking institutions by 1.2%.

Total bank deposits increased by 1.6% from 2.692 trillion dirhams at the end of June, to 2.736 trillion dirhams at the end of July last year, due to the combined increase in resident deposits by 1.5% and non-resident deposits by 2.4% .

The Central Bank said that residents’ deposits increased due to a 0.6% increase in government sector deposits, government-related group deposits by 10.6%, and private sector deposits by 0.6%, while deposits decreased non-banking financial institutions 0.6%. by 1% at the end of July 2024.

The currency decreased by 1% from 725 billion dirhams at the end of June last year, to 718.1 billion dirhams at the end of July, led by a decrease in export currencies by 0.5%, and the reserve account by 12% , higher than the increase. in current accounts of banks and other financial institutions and overnight deposits At the Central Bank at a rate of 26.6%, and cash accounts and Islamic deposit certificates at a rate of 0.04%.

The total foreign assets of the UAE Central Bank touched the barrier of 782 billion dirhams at the end of July last year, for the first time in its history, according to the bank’s latest statistics, as they increased monthly 1.5% from 770.61 billion dirhams last June, to 781.92 billion dirhams in July 2024. An increase equal to 11.31 billion dirhams.

The foreign assets of the Central Bank increased, annually, 30.8%, compared to about 597.53 billion dirhams in July 2023, an increase equal to about 184.4 billion dirhams in 12 months.

Statistics from the Central Bank mentioned the increase in the amount of foreign assets due to an increase in bank balances and deposits with banks abroad, to 549.15 billion dirhams, while foreign securities increased to 184.22 billion dirhams. Other foreign assets totaled more than 48.5 billion dirhams by the end of July last year.

The Central Bank said its foreign assets do not include the status of its reserve share and special drawing rights with the International Monetary Fund.

The balance sheet of the Central Bank of the Emirates reached 817.89 billion dirhams at the end of July last year, recording the highest level in its history, with an annual increase of 25.1% compared to approximately 653.78 billion dirhams in July 2023, and an increase of equal to 164.1 billion dirhams within 12 months.

According to statistics, the budget of the Central Bank was distributed in terms of assets at 349.57 billion dirhams for cash and bank balance last July, as well as deposits at 210.92 billion dirhams, 227.25 billion dirhams for deposits, 1.71 billion dirhams for loans and advances, and 28.44 billion dirhams for assets.