Finance & Capital Market

UAE gross bank assets top $840bn in February

The UAE gross bank assets, including bankers’ acceptances, rallied 0.5 percent from Dh3.080 trillion ($840 billion) in January 2020 to Dh3.095 trillion ($842 billion) by the end of the following month, a media report said.

Gross credit in the banking system likewise grew 0.5 pct from Dh1.736.9 trillion by the end of January 2020 to Dh1.745.5 trillion in February, with total bank deposits going up by Dh1.8 billion driven by a rise in residents’ deposits, by Dh3.6 billion, reported state news agency Wam, citing figures by the UAE Central Bank (CBUAE).

In the meantime, CBUAE announced that the Money Supply aggregate M3 edged up 0.2 percent from Dh1.689.7 trillion at the end of January to Dh1.693.7 in February, driven by an increase of Dh4.5 billion in government deposit, despite the decrease in the Money Supply aggregate M1 and Money Supply aggregate M2.