Ajay Rajguru’s Post

The Central Bank of the UAE’s (CBUAE) foreign assets rose by 40.2 per cent or Dhs203bn year-on-year to surpass the Dhs700bn mark at the end of February, according to the latest data from the central bank. The latest data showed that the CBUAE’s foreign assets jumped by 2 per cent on a monthly basis to Dhs708bn in February 2024 from Dhs695.04bn the previous – representing an increase of Dhs13bn. Since the beginning of 2024, the apex lender’s net foreign assets have increased by as much as 4 per cent or Dhs27bn. The increase in foreign asset volume is being attributed to the rise in current account balances and deposits with banks abroad, with an annual increase of 51 per cent to Dhs467.6bn in February. Central Bank of The UAE | #UAE | #Banking

CBN Says Currency In Circulation Now ₦4.1 Trillion With Only 6% In Banks Data from the Central Bank of Nigeria (CBN) has shown that the currency in circulation has reached an all-time high of N4.1trillion as of August 2024. The report also revealed that currency outside the banks grew to N3.86 trillion in the month under review, which indicates that 93.34 per cent of the nation’s currency is in the hands of individuals and businesses, while only 6.66 per cent remains within the banking sector. This trend highlights a persistent challenge for Nigeria’s formal banking system. Despite efforts to drive financial inclusion and promote cashless transactions, a significant portion of the country’s money supply remains outside regulated channels. Akelicious reports that according to the data, a steady increase in currency in circulation, growing from N4.05 trillion in the previous month of July to N4.1 trillion in August, according to the Apex Bank’s Money and Credit Statistics. The Central Bank of Nigeria (CBN) had in August reported that the currency in circulation surged to an unprecedented N4.05 trillion in July 2024, marking an all-time high. According to the CBN’s Money and Credit Data, this figure represents an 11.05 per cent increase since the beginning of the year and a significant 56.17 per cent rise compared to the same period in 2023. Analysis of the data revealed that the year began with N3.65 trillion in circulation in January 2024, a stable figure reflecting a typical post-holiday economic environment. February saw a modest rise to N3.69 trillion, a 1.18% increase from January, while March recorded a more substantial jump to N3.87 trillion, marking a 4.76 per cent month-on-month increase. The upward trend persisted in April, with the currency in circulation hitting N3.92 trillion, up by 1.39 per cent from March, driven by heightened consumer spending during the Easter period. May and June continued this trajectory, with the currency in circulation reaching N3.97 trillion in May and peaking at N4.04 trillion in June, representing monthly increases of 1.07 per cent and 2.11 per cent, respectively. WhatsApp Facebook Twitter Email LinkedIn Reddit The post CBN Says Currency In Circulation Now ₦4.1 Trillion With Only 6% In Banks appeared first on Akelicious.

The banks in the "Red Zone" are the worst or poor, the banks in the "Yellow Zone" are weak, and the banks in the "Green Zone" are in good condition. Of the 54 banks, 12 are in critical condition, of which nine have already moved to the red zone. The other three out of 29 banks in the yellow zone are very close to the red zone.

If we consider 38 banks are in the weak category of 61 banks in the industry (some of them less than 2 years in operations) we can say 62% of the industry is not satisfactory. I wonder what impact this has on the potential investor who is considering investing in the country. This hasn’t happened overnight but progressed over at least the last decade. Almost all effort by the central bank failed, because other policies diluted thei impact . For example there was large scale rescheduling, write offs, interest waivers was liberally given irrespective whether they were needed or not. The resulting flow of funds enabled large amounts to be illegally sent to safe haven accounts abroad. Although I must admit the central bank has turned its attention to shoring up the industry, I wonder if they will make the mark.

The assets of Islamic banks operating in the UAE exceeded Dh700 billion for the first time in history at the end of 2023, according to the latest statistics from the Central Bank of The UAE (CBUAE). Follow the link for more details: https://lnkd.in/e4zXAuqu #financemiddleease #islamicfinance #islamicbanking

GCC banks are facing an era of moderated profitability due to anticipated interest rate cuts by the US Federal Reserve, projected to lower rates by 225 basis points through 2025. With GCC central banks likely to mirror these cuts to maintain currency stability, analysts expect a direct impact on profit margins. While these cuts may improve funding costs for some GCC banks, overall profit margins will decline modestly, with Bahrain, Kuwait and the UAE seeing a larger effect, according to the latest report from S&P Global. Follow the link for more details: https://lnkd.in/dxhE5A7C

UAE banks' investments exceeded the AED 650M mark by the end of February 2024, reaching their highest level in history, according to the latest statistics from the Central Bank of The UAE. Statistics from the Central Bank, released in today's Banking Indicators Report, showed a 20.6 percent year-on-year increase in investments of banks operating in the country, reaching AED 652.7B by the end of February 2024, compared to about AED 541.4B in February 2023, an increase equivalent to AED 111.3B over 12 months.

#UAE Islamic banks saw their asset values rise to 703 billion dirhams ($191.4 billion) by the end of 2023 in what was an 11 percent annual increase, official data showed. Figures released by the Central Bank of The UAE revealed this was a jump from 630.7 billion dirhams in December 2022, marking a growth of 72.4 billion dirhams over 12 months. 

The combined capital and reserves of banks operating in the UAE surpassed the Dh500 billion mark at the end of February 2024, according to the latest statistics from the Central Bank of the UAE (CBUAE). The aggregate capital and reserves of UAE-based banks increased by around Dh63 billion or 14.4 per cent year on year (YoY), reaching Dh501.5 billion at the end of February 2024, compared to around Dh438.5 billion in February 2023. Monthly, it grew 0.95 per cent compared to Dh496.8 billion in January 2024, an increase of approximately Dh4.7 billion https://lnkd.in/ddwj4M4b

Dh71.2B increase in cash deposits over a year: UAE Central Bank Abu Dhabi: The Central Bank of the UAE (CBUAE) revealed in a report issued today that cash deposits increased to Dh725.8 billion in February 2024, an annual increase of 11 per cent or the equivalent of Dh71.2 billion, compared to Dh654.6 billion in February 2023. The Central Bank's cash aggregates statistics explained that cash deposits increased monthly by 1.92 per cent or the equivalent of Dh13.7 billion, compared to about Dh712.1 billion in January 2024. The Central Bank stated that quasi-cash deposits rose to Dh1.258 trillion in February 2024, an annual increase of 27.4 per cent, compared to Dh987.4 billion in February 2023, equivalent to Dh270.3 billion. The Central Bank pointed out that quasi-cash deposits increased monthly by about 5 per cent, or the equivalent of Dh59.4 billion, compared to about Dh1.198 trillion in January 2024. According to the Central Bank, quasi-cash deposits are term deposits and savings deposits in dirhams for residents and deposits by residents in foreign currency. On the other hand, cash deposits are defined as all short-term deposits that a bank customer can withdraw without prior notice. Central Bank statistics showed that government deposits increased to Dh430.3 billion in February 2024, with a year-on-year growth of 11.1 per cent, compared to Dh387.3 billion in February 2023, equivalent to Dh43 billion. The statistics also highlighted an increase in the money supply to approximately Dh139.4 billion at the end of February 2024, a year-on-year increase of 12.8 per cent compared to about Dh123.6 billion in February 2023. Moreover, it increased by 3.1 per cent monthly, compared to Dh135.2 billion in January 2024. By the end of February 2024, the money supply will be distributed as Dh18.2 billion for cash in banks and Dh121.2 billion for circulating cash outside banks. In a related context, Central Bank statistics showed an increase in the monetary base on an annual basis by 28.3 per cent to reach Dh689.5 billion in February 2024, compared to about Dh537.4 billion in February 2023, an increase equivalent to Dh152.1 billion. Additionally, it increased by about 3 per cent on a monthly basis compared to Dh670.9 billion in January 2024. The monetary base includes approximately Dh257 billion for cash certificates and Islamic deposit certificates, Dh111 billion for current accounts for banks and other financial institutions at the Central Bank, overnight deposits for banks at the Central Bank, and Dh139.4 billion for the money supply. This includes circulating cash outside banks, cash in banks, and a reserve account of Dh182.1 billion. https://lnkd.in/d5iRdt9e