Latest news with #AED73.8
Hi Dubai
14 hours ago
- Business
- Hi Dubai
UAE Central Bank Reports 3.3% Rise in M2 and 1.6% Growth in Credit for March 2025
The Central Bank of the UAE (CBUAE) reported a broad expansion across key monetary indicators in March 2025, highlighting continued liquidity growth and credit expansion within the banking sector. Money supply aggregate M1 rose by 0.4% to AED986.2 billion, driven by a AED5.1 billion increase in currency in circulation, which outweighed a AED1.4 billion drop in monetary deposits. M2, which includes M1 and quasi-monetary deposits, recorded a stronger 3.3% increase, reaching AED2,437.7 billion, buoyed by a AED73.8 billion jump in quasi-monetary deposits. M3, the broadest measure of money supply, climbed 2.9% to AED2,893.7 billion, reflecting the growth in M2 along with a AED4.5 billion rise in government deposits. The monetary base also expanded by 2.0% to AED833.1 billion. This was supported by a 4.1% increase in currency issued and a sharp 62.0% surge in reserve accounts, despite significant declines in banks' overnight deposits and Islamic certificates. Gross banking assets rose 1.9% to AED4,719.4 billion. Meanwhile, gross credit grew 1.6% to AED2,240.0 billion, driven by AED19.5 billion growth in domestic credit and AED16.2 billion in foreign credit. The private sector saw a 1.4% rise in credit, while credit to non-banking financial institutions increased by 1.9%. Government sector credit declined slightly by 0.3%. Banks' total deposits grew by 2.3% to AED2,936.4 billion, with resident deposits rising 2.4% and non-resident deposits edging up 0.4%. Within resident deposits, the private sector and government-related entities showed strong gains, while government deposits fell 2.3%. News Source: Emirates News Agency
Sharjah 24
2 days ago
- Business
- Sharjah 24
Gross banks' assets up by 1.9% to AED4,719.4 bn. at end of March
The increase was due to AED5.1 billion growth in currency in circulation outside banks, overriding the AED1.4 billion decrease in monetary deposits. The money supply aggregate M2 increased by 3.3%, increasing from AED 2,360.3 billion at the end of February 2025 to AED2,437.7 billion at the end of March 2025. M2 increased because of an elevated M1, and AED73.8 billion increase in Quasi-Monetary Deposits. The money supply aggregate M3 also increased by 2.9%, from AED2,811.7 billion at the end of February 2025 to AED2,893.7 billion at the end of March 2025. M3 increased due to the growth in M2, and AED4.5 billion increase in government deposits. The monetary base increased by 2.0%, from AED816.6 billion at the end of February 2025 to AED833.1 billion at the end of March 2025. The growth in the monetary base was driven by increases in currency issued by 4.1% and in reserve account by 62.0%, overriding the decrease in banks & OFCs' current accounts & overnight deposits of banks at CBUAE by 64.2% and in monetary bills & Islamic certificates of deposit by 6.3%. Gross banks' assets, including bankers' acceptances, increased by 1.9% from AED4,632.2 billion at the end of February 2025 to AED4,719.4 billion at the end of March 2025. Gross credit increased by 1.6% from AED2,204.3 billion at the end of February 2025 to AED2,240.0 billion at the end of March 2025. Gross credit increased due the combined growth in domestic credit by AED19.5 billion and foreign credit by AED16.2 billion. The growth in domestic credit was due to increases in credit to the; public sector (government-related entities) by 0.2%, private sector by 1.4% and non-banking financial institutions by 1.9%, while credit to the government sector decreased by 0.3%. Banks' deposits increased by 2.3%, from AED2,871.5 billion at the end of February 2025 to AED2,936.4 billion at the end of March 2025. The increase in bank deposits was driven by the shared growth in resident deposits by 2.4%, settling at AED2,687.8 billion and in non- resident deposits by 0.4%, reaching AED248.6 billion. Within the resident deposits; government-related entities deposits increased by 4.3%, private sector deposits increased by 3.1% and non-banking financial institutions deposits increased by 5.1%, while deposits to the government sector decreased by 2.3%, by the end of March 2025.
