The Reserve Bank of the UAE has revealed that the gross financial institutions’ properties, consisting of lenders’ approvals, increased to Dh3.443 trillion at the end of May 2022, a boost of 2.9 percent, contrasted to Dh3.345 trillion at the end of April 2022.
In its record on the Monetary & & Financial Dopes for Might 2022, CBUAE made clear that the gross credit report expanded by 2.6 percent climbing from Dh1.817 trillion at the end of April 2022 to Dh1.866 trillion at the end of Might 2022. Gross credit report increased because of a 3 percent rise in the residential credit report, bypassing the 0.1 percent decrease in an international credit report.
Total bank deposits increased by 1.6 percent, climbing from Dh2.008 trillion at the end of April 2022 to Dh2.04 trillion at the end of May 2022. The growth in total bank deposits was due to the ascent in resident deposits by 2.0 percent, overshadowing the reduction in non-resident deposits by 1.2 percent.
The money supply aggregate M1 decreased by 2.8 percent, from Dh730.4 billion at the end of April 2022 to Dh710.1 billion at the end of May 2022. The fall was due to Dh4.6 billion reduction in currency in circulation outside banks and a Dh15.7 billion decrease in monetary deposits. The money supply aggregate M2 (that includes M1 + Quasi-Monetary Deposits) increased by 0.1 percent, from Dh1.567 trillion at the end of April 2022 to Dh1.568 trillion at the end of May 2022. M2 rose due to a Dh21.1 billion increase in quasi-monetary deposits, overriding the drop in M1. The money supply aggregate M3 (that includes M2 + government deposits) also rose by 1.7 percent, from Dh1.859 trillion at the end of April 2022 to Dh1.890 trillion at the end of May 2022. M3 soared due to the elevated M2, boasted by Dh30.8 billion growth in government deposits.
Domestic credit mounted mainly due to 1.4 percent, 1.3 percent, 3.5 percent, and 16.9 percent surges in credit to the government sector, public sector (government-related entities), private sector, and non-banking financial institutions, respectively.
