UAE Financial Transactions Surge to 2.96 Trillion Dirhams in January-February 2024

Youssef Al Bustanji (Abu Dhabi)

Total financial transactions in the UAE (banks and retailers) increased to 2.96 trillion dirhams, in the months of January and February 2024, an increase of 530.7 billion dirhams, equivalent to a growth of 21.8%, compared to 2.43 trillion dirhams in the first one. two months of 2023, according to data published yesterday, by Emirates Bank.
Financial transfers between banks operating in the country increased by 320 billion dirhams, equivalent to a growth of 20.5%, to reach 1.883 trillion dirhams in January and February this year, compared to 1.563 trillion dirhams in the corresponding period of 2023.
Transfers from bank customers and customers in the country increased by 24.3%, equal to an increase of 210.7 billion dirhams, bringing the value to 1.078 trillion dirhams in the first two months of this year, compared to 867 billion dirhams in the last corresponding period. year. The value of checks that entered the country’s clearing system increased by about 11.1%, equivalent to an increase of 21.6 billion dirhams, reaching a total value of 216.2 billion dirhams in January and February of 2024, compared to 194.6 billion dirhams in the corresponding period of 2023.
On the other hand, banks operating in the UAE pumped out new loans to individuals worth 31.3 billion dirhams within a year, bringing the credit balance provided to the individual sector to 426.3 billion dirhams at the end of February 2024, compared to 395 billion dirhams at the end of February 2023, registering a growth of 7.9%, during this period considered as one of the important indicators that the national economy recorded high levels of grew during this period, as the data is considered to be evidence of an improvement in solvency. of individual bank customers, the improvement of the stability of their work, the stability of their job opportunities, the increase in the number of employees in the country, and the strength of the performance of companies operating in the local market, according to “Meadhan” statistical data . The data also shows that banks provided 13.5 billion dirhams in new loans to the business and commercial sector, with a growth of 1.65%, bringing their total balance to 828.5 billion dirhams at the end of February 2024 compared to 815 billion dirhams at the end of the calendar. February 2023. Thus, the total credit given to the private sector increased by 45%. trillion dirhams at the end of February 2023.
The data shows that the total balance of bank credit granted to the banking sector in the UAE rose to 2.013 trillion dirhams at the end of February 2024, compared to 1.897 trillion dirhams at the end of February 2023, an increase of 116 billion dirhams, equivalent. to grow 6.1%.
Bank deposits also increased by approximately 111.3 billion dirhams, in the same comparison period, to reach 652.7 billion dirhams, compared to 541.4 billion dirhams, a growth of 20.6%. increased by 31.6%, with an increase of 3.8 billion dirhams, bringing the value of its investments in stocks to 15.8 billion dirhams at the end of February 2024, compared to 12 billion dirhams at the end of February 2023.
In addition, money supply data shows that money in circulation in the country increased by about 14 billion dirhams, a growth of 13%, to reach 121 billion dirhams at the end of February 2024, compared to 107 billion dirhams at the end of February 2023. . an increase in the flow of foreign currency to the local market, through an increase in the surplus in the balance of payments, that is, the total account of the state.
Cash deposits in the country’s banks (which can be withdrawn without prior notice) increased by 10.9% to reach 725.8 billion dirhams at the end of February 2024, compared to 654.6 billion dirhams at the end of February 2023, an increase of 71.2 billion dirhams. Private time deposits “which cannot be withdrawn without prior notice” increased by about 271 billion dirhams, a growth of 27%, to reach 1.258 trillion dirhams at the end of February 2024, compared to 987 billion dirhams at the end of February. 2023.
As for government investments, they increased by 11% in the period, equivalent to 43 billion new dirhams, to reach 430 billion dirhams at the end of February 2024, compared to 387 billion dirhams at the end of February 2023.