UAE banks’ gross assets, including bankers’ acceptances, rose by over 10.8% year-on-year (YoY), reaching AED 418.1B, bringing the total to AED 4.287T, up from AED 3.869T in May 2023, according to the Central Bank of the UAE (CBUAE).
Gross credit increased by 0.7%, from AED 2.063T at the end of April 2024 to AED 2.077T at the end of May 2024.
Total bank deposits at the end of May 2024 stood at AED 2.678T, with private sector deposits up by 1.2% and deposits from non-banking financial institutions rising by 2.7%.
The monetary base grew by 1.8%, from AED 714.3B at the end of April 2024 to AED 727.1B at the end of May 2024, driven by increases in issued currency, reserve accounts, and banks’ and OFCs’ current accounts and overnight deposits at the CBUAE.
The money supply aggregate M1 reached AED 879.2B at the end of May 2024. M2 grew by 0.5%, from AED 2.148T to AED 2.160T, primarily due to an increase of AED 25B in Quasi-Monetary Deposits.
