The assets of the banking sector in the country reached a new record level of 4.57 trillion dirhams by the end of October 2024 – four trillion 402 billion dirhams compared to four trillion 175 billion dirhams by the end of the previous September. This is an increase of 55 billion dirhams or 1.3% per month, according to the data published yesterday by the Central Bank.
The data also indicated that the total volume of credit increased in October by 0.6%, reaching two trillion 175 billion dirhams compared to two trillion 162 billion dirhams at the end of September, with an increase of 13 billion dirhams. Total bank deposits also increased by 1.5%, reaching two trillion 802.5 billion dirhams by the end of October compared to two trillion 761.4 billion dirhams at the end of September, with an increase of 41.1 billion dirhams.
At the end of October, deposits exceeded credits by 627.5 billion dirhams, which indicates a high level of liquidity in banks. As for foreign assets of the Central Bank, by the end of October they amounted to 815 billion dirhams, which is slightly less than 818 billion dirhams at the end of September.
These assets include balances and deposits in foreign banks totaling 567.8 billion dirhams, as well as foreign securities totaling 181.2 billion dirhams, and other foreign assets totaling 66.2 billion dirhams. The total monetary offer, encompassing cash in circulation, current accounts, and time deposits in banks, increased by 1.5% from 986.3 billion dirhams at the end of September 2024 to 909.9 billion dirhams by the end of October.
The Central Bank explained this growth by an increase in deposits by 14.9 billion dirhams, exceeding the reduction of cash holdings across banks by 1.3 billion dirhams. The total monetary offering, including time deposits and savings in the national currency and foreign currencies, also increased by 0.9% from two trillion 249.6 billion dirhams at the end of September to two trillion 270.7 billion dirhams at the end of October, with an increase of 21.1 billion dirhams. The total monetary offering, including all governmental balances in banks within the Emirates, as well as in the Central Bank, increased by 1.3% from two trillion 720 billion dirhams at the end of September to two trillion 754.7 billion dirhams by the end of October, rising by 34.7 billion dirhams.
