UAE Central Bank’s Balance Sheet Hits AED 750 billion in February
UAE Central Bank’s balance sheet reached a new high of AED 750 billion at the end of February, representing a historic peak.
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This record reflects a substantial 32.5% increase in the UAE Central Bank‘s general budget compared to the same period last year, as detailed in the balance sheet report for February 2024 released on Monday.
Component Breakdown
On a monthly basis, the central bank’s balance sheet saw an increase of 1.8%, or AED 13 billion, rising from AED 734.61 billion in January of this year. The asset allocations on the central bank’s balance sheet included AED 321.21 billion for cash and bank balances, approximately AED 219.75 billion in investments, AED 174.27 billion in deposits, AED 1.83 billion in loans and advances, and AED 30.56 billion in other assets as of February.
Overview of Liabilities and Capital
The liabilities and capital structure of the balance sheet comprised AED 318.46 billion for current and deposit accounts, around AED 257 billion allocated for Treasury bills and Islamic certificates of deposit, AED 139.36 billion for issued banknotes and coins, AED 16.98 billion in capital and reserves, and AED 5.82 billion in other liabilities.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
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Employment grew for the 16th consecutive month as companies expanded.
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According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
