UAE Central Bank’s general budget hits record high of AED 560 bn

Jumping on an annual basis by 6.5%
UAE budget
CBUAE (Image Credit: WAM)

According to the latest statistics from the Central Bank of the United Arab Emirates (CBUAE), the general budget of the bank exceeded AED 560 billion at the end of January, registering the highest level in its history.

In its budget report for February 2023, the Central Bank explained that its general budget increased by 0.8% on a monthly basis to reach AED 564.25 billion at the end of February, compared to about AED 559.88 billion in the previous month, while it surged by about 1.67% since the beginning of the current year compared to about AED 554.99 billion at the end of December 2022.

Read more: UAE bank deposits record strongest growth since 2015: CBUAE

The Central Bank‘s general budget jumped on an annual basis by 6.5% or AED 34.6 billion compared to about AED 529.62 billion in February 2022.

According to the statistics, the Central Bank’s budget was distributed on the asset side with AED 230.51 billion for cash and bank balances in February, along with reserved investments until the due date of about AED 192.8 billion, AED 108.44 billion for deposits, AED 5.83 billion for loans and advances, and AED 26.67 billion for other assets.

Moreover, the general budget was distributed on the liability and capital side with AED 244.19 billion for current and deposit accounts, about AED 179.54 billion for certificates of deposit and cash warrants, AED 123.61 billion for issued banknotes and coins, AED 13.18 billion for capital and reserves, and AED 3.73 billion for other liabilities.

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