Skip to content Skip to Search
Skip navigation

UAE bank deposits rise 2.5% to $569bn in June 2022

WAM
The monetary base contracted by 1.5 percent falling to AED470.7 billion in June 2022 from AED478 billion in May 2022.

Total deposits in UAE banks increased by 2.5 percent to AED2.09 trillion ($569 billion) at the end of June 2022 from AED2.04 trillion at the end of May 2022, according to the Central Bank of the United Arab Emirates.

The growth in total bank deposits was due to a 2.6 percent rise in resident deposits and a two percent increase in non-resident deposits, WAM, the state news agency reported, citing the central bank’s June 2022 monetary and banking development report.

Resident deposits increased, owing to 3.9 percent and 22.6 percent expansions in private sector deposits and non-banking financial institutions deposits, respectively.

On the other hand, government sector deposits and public sector deposits fell by 1.4 percent and 2.3 percent, respectively.

Gross credit grew by 0.03 percent, rising to AED1.87 trillion in June 2022 from AED1.85 trillion in May 2022 due to a 5.6 percent increase in foreign credit.

Meanwhile, the monetary base contracted by 1.5 percent, falling to AED470.7 billion in June 2022 from AED478 billion in May 2022.

The main drivers of tightening the monetary base were reductions in the reserve account, banks and offshore financial centres’ current accounts, overnight deposits of banks with the central bank, and certificates of deposit and monetary bills.

In addition, the central bank said that the money supply aggregate (M1) increased by 2.3 percent to AED726.2 billion in June 2022 from AED710.1 billion in May 2022.

The aggregate M2 grew by 3.5 percent month-on-month to AED1.62 trillion in June, while the aggregate M3 also rose by 2.6 percent month-on-month to AED1.94 trillion. 

Latest articles

A welder at work in Ras Al Kaimah. The northern emirates will benefit from lower electricity tariffs under a new scheme for local manufacturers in the UAE

UAE to direct additional $6bn to local manufacturers

The UAE is to direct an additional AED23 billion ($6.3 billion) to local manufacturers as it strives to develop its homegrown sectors and diversify its economy away from a reliance on hydrocarbons. Abu Dhabi state oil company Adnoc will expand its local manufacturing procurement programme for critical industrial products by AED20 billion to AED90 billion […]

Workers at a Riyadh construction site. The Tonomus competition aims to find innovation in the sector

Saudi Arabia races to find technologies for futuristic cities

Saudi Arabia is urgently seeking new technologies for its construction and real estate sectors as it races to make good on its pledge to build futuristic multi-billion-dollar cities. Tonomus, a subsidiary of crown prince Mohammed bin Salman’s $500 billion signature Neom development, has joined forces with the Public Investment Fund to launch a competition offering […]

Riyadh Air Comac C919

Riyadh Air not buying from China’s Comac ‘for now’

Riyadh Air, Saudi Arabia’s new national carrier, will not consider China’s Comac for its narrowbody order to be announced later this year. However, the airline said it saw a future in Saudi Arabia for Comac, the Commercial Aircraft Corporation of China, as the Chinese alternative to Boeing and Airbus.  “The narrowbody order is in its […]

Organisations have protested US investment bank BlackRock’s participation in the bid to buy a stake in Malaysia Airports Holdings

Malaysian airport deal faces Gaza war backlash

Plans by a consortium, including the UAE’s largest sovereign wealth fund, to buy a stake in Malaysian airports have been hit by protests against the deal from local business organisations in the Asian country. As many as 22 organisations have called upon the Malaysian government to block US investment bank BlackRock’s participation in the bid […]