Gross bank assets, including bankers’ acceptances, rose by 0.7% from Dhs4,348.6 billion at the end of July 2024 to Dhs4,378.0 billion at the end of August 2024, according to the Central Bank of the United Arab Emirates (CBUAE).
Gross credit grew by 0.5% from Dhs2,102.1 billion at the end of July 2024 to Dhs2,112.9 billion at the end of August 2024, according to the Central Bank’s Monetary and Banking Developments for August 2024 report. Increases of 0.5% in domestic credit and 0.8% in foreign credit led to an increase in gross credit.
The expansion of domestic credit was mostly caused by a 0.8% increase in credit to the private sector, which outweighed a 0.3% decrease in credit to the public sector (government-affiliated companies) and a 3.0% decrease in credit to non-banking financial institutions. In August 2024, the government sector’s credit stayed the same.
Bank deposits grew by 0.2% from Dhs2,736.0 billion at the end of July 2024 to Dhs2,740.5 billion at the end of August 2024. The growth in total bank deposits was due to a rise in resident deposits by 0.8 percent, overshadowing a decrease in non-resident deposits by 6.4 percent.
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