Abu Dhabi – Mubasher: The Central Bank of the UAE announced a 2.4% month-on-month (MoM) increase in total banking assets, including bank acceptance certificates, by the end of December 2024.

According to the Monetary and Banking Developments Report for December 2024, issued by the bank, total banking assets increased from AED 4.451 trillion at the end of November 2024 to AED 4.560 trillion at the end of December 2024.

On an annual basis, assets increased by 11.9 percent, equivalent to AED 485 billion, compared to AED 4.075 trillion at the end of December 2023 .

Total credit also rose by 0.8 percent, from AED 2.163 trillion at the end of November 2024 to AED 2.181 trillion at the end of December 2024.

On an annual basis, credit increased by 9.54 percent, equivalent to AED 190 billion, compared to AED 1.991 trillion at the end of December 2023 .

Total bank deposits increased by 1.5 percent from AED 2.804 trillion at the end of November 2024 to AED 2.847 trillion at the end of December 2024.

On an annual basis, deposits increased by 12.93 percent, equivalent to AED 326 billion, compared to AED 2.521 trillion at the end of December 2023 .

The increase in total bank deposits was due to a 0.5 percent increase in resident deposits and a 13.9 percent increase in non-resident deposits.

Resident deposits increased as a result of increases in government-related entities' deposits by 4.2 percent and private sector deposits by 0.9 percent.

Non-bank financial institution deposits also rose by 16.5 percent, outpacing the 5.2 percent decline in government sector deposits.

The monetary base increased by 4.4 percent from AED 748.0 billion at the end of November 2024 to AED 780.6 billion at the end of December 2024.

Total money supply (M1) increased by 2.3 percent from AED 924.8 billion at the end of November 2024 to AED 946.4 billion at the end of December 2024.

This was attributed to a AED 1.1 billion increase in the value of cash circulating outside banks and a AED 20.6 billion increase in cash deposits .

Total money supply (M2) increased by 1.7 percent from AED 2.278 trillion at the end of November 2024 to AED 2.317 trillion at the end of December 2024.

The increase in money supply (M2) is due to the increase in money supply (M1) and the increase of AED 17.0 billion in quasi-monetary deposits .

Total money supply (M3) increased by 0.4 percent from AED 2.767 trillion at the end of November 2024 to AED 2.778 trillion at the end of December 2024.

The expansion in money supply (M3) was attributed to the growth in money supply (M2), which outweighed the AED 27.1 billion decrease in government deposits .