Increase in bank deposits as a result of the increase in deposits of residents and the public and private sectors
«Central»: 3.33 trillion dirhams of assets of the UAE banking sector at the end of March 2022
The Central Bank of the Emirates announced an increase in total banking assets inclusive to 3.336 trillion dirhams at the end of last March, an increase on a monthly basis by 1.7% compared to 3.282 trillion dirhams at the end of February 2022.
The Central Bank clarified in the monetary and banking developments report for the month of March 2022 that banking assets rose on an annual basis by 5.05%, or the equivalent of 160.5 billion dirhams, compared to about 3.175 trillion dirhams in March 2021.
bank credit
The Central Bank indicated that total bank credit increased by 1.2% from 1.81 trillion dirhams at the end of February 2022, to 1.831 trillion dirhams at the end of last March, as a result of a 1.2% increase in domestic credit, and a 1.4% increase in foreign credit.
The Central Bank attributed the increase in domestic credit to an increase of 0.8%, 3.6%, and 1% in credit granted to the government sector, credit granted to the public sector (government-related entities), and credit granted to the private sector, respectively.
bank deposit
The bank stated that total bank deposits increased by 0.9% from 1.988 trillion dirhams at the end of February 2022 to 2.006 trillion dirhams at the end of last March, as a result of a 1.2% increase in resident deposits after a 4% growth, and 1.1% in public sector deposits. and private sector deposits, respectively.
According to the Central Bank report, the money supply “M1” (includes cash in circulation outside banks plus cash deposits from current and demand accounts with banks) increased by 2.3%, 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% 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% from 1.867 trillion dirhams at the end of February 2022 to 1.885 trillion dirhams at the end of last March.
Height factors
The Central Bank attributed the increase in the money supply “M1” to an increase of 1.4 billion dirhams in cash circulating outside banks, and an increase of 14.7 billion dirhams in cash deposits, while the increase in money supply “M2” is due to a rise in “M1” and an increase of seven billion dirhams. In quasi-monetary deposits, the increase in the money supply “M3” is attributed to the increase in the money supply “M1” and “M2”.
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