Al-Ansari attributed it to optimism about restoring activity and vaccination against the “virus.”

“Central”: Salaries in the Emirates have improved to higher than pre-Corona levels

The Central Bank established the wage protection system as an organizational formula to protect and guarantee the monthly dues and salaries of employees.

archival

The Central Bank said that there was a noticeable improvement in the levels of salaries paid through the wage system in the UAE during the first quarter of this year, compared to the last quarter of 2020, and even recorded a higher rise than it was in the last month, before the spread of the Corona pandemic, specifically in February from last year.

This came in the latest report issued by the Central Bank, which also indicated that the average on the Purchasing Managers' Index in the UAE increased by 7.5% on an annual basis, moving upwards in the expansion area, and reached 52.6 in March.

This also reflects the high sentiment boosted by the preparations for Expo 2020 Dubai.

For his part, the Chairman of the Board of Directors of the Exchange and Money Transfer Corporation, Muhammad Al-Ansari, said that "the movement of wage transfers through the Emirates wage system shows a clear improvement in the volume of salaries being transferred, as of the beginning of this year, compared to the last quarter of 2020," stressing A state of optimism about the recovery of activity, which began since the last quarter of last year, and continues until now, in conjunction with the start of an extensive vaccination campaign against the virus.

And he indicated that with the beginning of this year, companies began returning their employees, whose salaries had been frozen, to work again, with the possibility of hiring others, to fill the shortfall caused by laying off some of them.

Al-Ansari continued: "Also with the beginning of this year, new projects were announced, aimed at preparing for the (Expo) exhibition, and the accompanying great movement of the market during the coming period." It is noteworthy that the Central Bank established the wage protection system, as an organizational formula to protect and guarantee the monthly dues and salaries of employees. The UAE leads the region in terms of salaries thanks to the rewarding wage packages offered to professionals from local and foreign companies operating in the country. In addition, the Central Bank said, in a statement issued yesterday, that the money supply (M1) increased by 0.3% from 644.4 billion dirhams at the end of April 2021, to 646.4 billion dirhams at the end of last May. The monetary base rose by 2.9%, from 430.8 billion dirhams at the end of April 2021 to 443.4 billion dirhams at the end of May 2021. Total banking assets rose by 0.4%, from 3.169 trillion dirhams at the end of April 2021, to 3.182 trillion dirhams at the end of last May .Total bank credit decreased by 0.7%, from 1.76 trillion dirhams at the end of April 2021, to 1.751 trillion dirhams at the end of last May, as a result of a 0.8% decrease in domestic credit, despite the 0.5% increase in foreign credit. Total bank deposits also decreased by 0.1%, from 1.877 trillion dirhams at the end of April 2021, to 1.874 trillion dirhams at the end of last May.

Follow our latest local and sports news and the latest political and economic developments via Google news