2024-04-30 21:03:45
Youssef Al Bustanji (Abu Dhabi)
The total financial transfers in the United Arab Emirates (banks and merchants) amounted to 2.96 billion dirhams, during the months of January and February 2024, an increase of 530.7 billion dirhams, i.e. growth by 21.8%, compared to 2.43 billion dirhams in the first. two months of 2023, according to data released yesterday by Emirates Bank Central.
Financial transfers between banks operating in the country increased by 320 billion dirhams, a growth of 20.5%, to reach 1,883 billion dirhams in January and February this year, compared to 1,563 billion dirhams for the corresponding period of 2023.
Transfers from bank customers and consumers in the country increased by 24.3%, an increase of 210.7 billion dirhams, bringing their value to 1.078 billion dirhams during the first two months of this year, compared to 867 billion dirhams during the corresponding period last year. year. The value of checks entered into the country’s clearing system increased by approximately 11.1%, an increase of 21.6 billion dirhams, to reach a total value of 216.2 billion dirhams in January and February 2024 , compared to 194.6 billion dirhams during the corresponding period of 2024. 2023.
On the other hand, banks operating in the United Arab Emirates injected new loans to individuals for an amount of 31.3 billion dirhams in one year, bringing the balance of credits granted to the personal sector to 426.3 billion dirhams. at the end of February 2024, compared to 395 billion dirhams at the end of February 2024. at the end of February 2023, recording growth of 7.9% during the period. This is considered one of the important indicators that the national economy recorded high levels of growth during the period, as the data is seen as evidence of improving creditworthiness. of individual bank customers, the improvement of their employment stability, the sustainability of their employment opportunities, the increase in the number of employees in the country and the strength of the performance of companies operating in the local market, according to the statistical data of For. “Central”. The data also shows that banks granted 13.5 billion dirhams in new loans to the industrial and commercial sector, representing a growth of 1.65%, bringing their total balance to 828.5 billion dirhams at the end of February 2024 compared to 815 billion dirhams at the end of February 2024. February 2023. Thus, the total credits granted to the private sector increased by 45%, or one billion dirhams, or growth of 3.7%, during the period, bringing its balance at 1.255 billion dirhams at the end of February 203, compared to 1.21. one thousand billion dirhams at the end of February 2023.
Data shows that the total balance of bank credits granted to the UAE banking sector amounted to 2,013 billion dirhams at the end of February 2024, compared to 1,897 billion dirhams at the end of February 2023, an increase of 116 billion dirhams , or the equivalent of 1,897 billion dirhams at the end of February 2023. at growth of 6.1%.
Bank investments also increased by around 111.3 billion dirhams, during the same period of comparison, to reach 652.7 billion dirhams, compared to 541.4 billion dirhams, representing a growth of 20.6 %. increased by 31.6%, an increase of 3.8 billion dirhams, bringing the value of its equity investments to 15.8 billion dirhams at the end of February 2024, compared to 12 billion dirhams at the end of February 2023.
Furthermore, data on the money supply show that cash in circulation in the country increased by around 14 billion dirhams, or a growth of 13%, to reach 121 billion dirhams at the end of February 2024, compared to 107 billion dirhams at the end of February 2023. Cash issued also increased by 12.8%, equivalent to 15.8 billion dirhams, to reach 139.4 billion dirhams at the end of February 2024, compared to 123.6 billion dirhams during the corresponding period of 2023. The increase in issued cash is considered an important indicator of the situation. the increase in the flow of foreign exchange towards the local market, through an increase in the balance of payments surplus, that is to say the total state account.
Cash deposits in the country’s banks (from which withdrawals can be made without notice) increased by 10.9% to reach 725.8 billion dirhams at the end of February 2024, compared to 654.6 billion dirhams at the end of February 2023, an increase of 71.2 billion dirhams. Private term deposits “from which no withdrawal can be made without notice” also increased by around 271 billion dirhams, or growth of 27%, to reach 1.258 billion dirhams at the end of February 2024, compared to 987 billion dirhams. dirhams at the end of February. 2023.
As for State deposits, they increased by 11% during the period, or the equivalent of 43 billion new dirhams, to reach 430 billion dirhams at the end of February 2024, compared to 387 billion dirhams at the end of February. 2023.
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