UAE Central Bank’s Foreign Assets Soar to Over $189 Billion in January
According to official data, the UAE central bank’s foreign assets saw a significant jump to 695.04 billion dirhams ($189.2 billion) in January, marking a 38.8 percent increase compared to the previous year.
Financial Sector’s Reserves Reach 4.1 Trillion Dirhams
The financial sector’s total reserves also experienced growth, reaching 4.1 trillion dirhams in January with a 0.8 percent monthly increase, as reported by official data.
Total Bank Credit Approaches 2 Trillion Dirhams
By the end of January, total bank credit in the UAE reached 1.996 trillion dirhams, showing a 0.2 percent increase from December’s 1.991 trillion dirhams.
Positive Trends in Private Sector Credit and Deposits
Credit to the private sector saw a 0.5 percent increase in early 2024, while total deposits in the banking sector climbed by 0.7 percent, reaching 2.53 trillion dirhams at the end of January.
Monetary Base and Money Supply Growth
The country’s monetary base witnessed a 1.8 percent growth in January, reaching 670.9 billion dirhams, driven by a rise in monetary bills and Islamic certificates of deposit. The total M1 money supply reached 830 billion dirhams, with a rise in currency in circulation outside banks. Additionally, the total M2 and M3 money supplies also saw increases in January.
CBUAE’s Balance Sheet Grows to 734.6 Billion Dirhams
The CBUAE’s monthly balance sheet surged to 734.6 billion dirhams in January, showcasing a notable increase compared to previous months and the corresponding periods in the previous year.