The Central Bank of the Emirates reported an increase in overall banking assets.
According to the Central Bank of the Emirates (CBUAE), total banking assets increased significantly at the end of March, reaching 3.336 trillion dirhams.
CBUAE revealed in its monetary and banking developments report for March 2022 that banking assets increased by 5.05 percent on an annual basis, or the equivalent of 160.5 billion dirhams, compared to around 3.175 trillion dirhams in March 2021.
Bank deposits
Moreover, CBUAE highlighted that total bank deposits increased by 0.9 percent from 1.988 trillion dirhams at the end of February 2022 to 2.006 trillion dirhams at the end of last March, due to a 1.2 percent increase in resident deposits following a 4 percent increase in public sector deposits and 1.1 percent in private sector deposits.
The money supply “M1” (includes cash in circulation outside banks plus cash deposits from current and demand accounts with banks) increased by 2.3 percent, from 712.1 billion dirhams in February to 728.2 billion dirhams at the end of last March.
The money supply “M2” (includes (M1) plus quasi-monetary deposits, namely time and savings deposits of residents in dirhams and deposits of residents in foreign currencies) increased by 1.5 percent from 1.570 trillion dirhams at the end of February to 1.593 trillion dirhams at the end of last March.
The money supply “M3” (includes (M2) plus government deposits with banks operating in the country, as well as with the Central Bank) increased by 0.9 percent from 1.867 trillion dirhams at the end of February 2022 to 1.885 trillion dirhams at the end of last March.
