Mining licenses on offer in Saudi Arabia’s Makkah region

Mining licenses on offer in Saudi Arabia’s Makkah region
Mining licenses on offer in Saudi Arabia’s Makkah region

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Jeddah - Yasmine El Tohamy - UAE banks’ gross assets rise 0.7% to reach $990bn in November: Central Bank 

RIYADH: The gross assets of UAE banks, which includes bankers’ acceptances, increased by 0.7 percent to 3.639 trillion dirhams ($990 billion) at the end of November 2022, compared to the previous month, according to the latest figures published by the Emirates’ central bank.  

The Central Bank of the UAE’s November summary report, published on Jan. 23, noted that gross credit rose by 0.5 percent from around 1.878 trillion dirhams at the end of October 2022 to around 1.887 trillion dirhams at the end of November 2022. 

According to the report, the gross credit of UAE banks rose due to a 0.8 percent rise in domestic credit, overriding the 1.7 percent reduction in foreign credit.  

The report further pointed out that domestic credit saw an uptick in November due to the 0.4 percent, 2.0 percent and 0.7 percent climbs in credit to the government sector, the public sector comprised of government-related entities and the private sector, respectively.  

CBUAE data suggested that total bank deposits increased by 1.6 percent to some 2.239 trillion dirhams at the end of November 2022. 

“The growth in total bank deposits was due to the rise in resident deposits by 2.5 percent, overshadowing the reduction in non-resident deposits by 6.2 percent,” said the central bank in a press release.  

The report explained that resident deposits increased owing to 0.6 percent, 9.8 percent, 2.0 percent and 1.3 percent expansions in deposits of the government sector, public sector, private sector and non-banking financial institutions, respectively.  

CBUAE added that the monetary base expanded by 3.7 percent to 486 billion dirhams at the end of November 2022, driven by increases in the currency issued, along with a rise in banks and offshore financial centers’ current accounts and overnight deposits at CBUAE by 4.8 percent and 58.3 percent, respectively.  

The report noted that reserve accounts and certificates of deposit and monetary bills decreased by 23.7 percent and 1.9 percent, individually at the end of November 2022.  

The Money Supply aggregate M1 increased by 0.9 percent month-on-month reaching 729.7 billion dirhams at the end of November 2022.  

It should be noted that M1 is the money supply that encompasses physical currency and coins, demand deposits, traveler’s checks, and other checkable deposits.  

The Money Supply aggregate M2 ascended by 3.0 percent, from around 1.629 trillion dirhams at the end of October 2022 to around 1.678 trillion dirhams at the end of November 2022. 

According to US Federal Reserve, M2 is the estimate of the total money supply including all of the cash people have on hand plus all of the money deposited in checking accounts, savings accounts, and other short-term saving vehicles.  

The Money Supply aggregate M3 also rose 2.5 percent month-on-month to 2.110 trillion dirhams at the end of November 2022. 

M3 is a measure of the money supply that includes, large-time deposits, institutional money market funds, and short-term repurchase agreements. 

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