The financial sector of the United Arab Emirates showed a decrease in deposits by the end of September 2024 to 4.5%, which amounts to 28 billion dirhams compared to 628 billion dirhams at the end of August 2024. Monthly withdrawals increased by 4.67%, or 28 billion dirhams, compared to 600 billion dirhams by the end of September 2024. The Central Bank reported that the government budget for October 2024 indicated that its government budget increased by 18.09% or by 130.4 billion dirhams, reaching 851.2 billion dirhams by the end of October last year, compared to approximately 720.8 billion dirhams in December 2023. The government budget of the Central Bank increased year on year by 31.43%, amounting to 203.5 billion dirhams compared to 647.6 billion dirhams in October 2023, while at the same time, the monthly withdrawals decreased by 0.38%, which is equal to 3.28 billion dirhams, compared to 854.49 billion dirhams.
"The Central Bank's report indicates that we have an increase in the government budget of 130.4 billion dirhams, which represents a positive signal," said an official representative. By the end of October 2024, the total deposits of the banking system of the UAE amounted to 628 billion dirhams, as deposits in banks increased to 2.802 trillion dirhams, compared to 2.174 trillion dirhams at the end of October 2024. According to the report, the total credit portfolio increased by 0.6% from 2.161 trillion dirhams at the end of September 2024 to 2.174 trillion dirhams at the end of October 2024. Expansion of domestic credit is linked to growth in government sector lending by 0.2%, as well as an increase in lending to private sectors.
