The Central Bank of the UAE (CBUAE) announced an auction of Monetary Bills (M-Bills) on Monday. The auction includes four issues of M-Bills Treasury bonds.

According to CBUAE data, the first issue for 28 days will be up to Dhs1,500 million, the second for 84 days will be up to Dhs3,500 million, the third for 112 days will be up to Dhs2,000 million, and the fourth for 280 days will be up to Dhs4,000 million.

The issue date will be on Sept.18, 2024, with the maturity date for the first issue due on Oct.16, 2024, the second issue on Dec.11, 2024, the third issue on Jan.8th, 2025, and the fourth issue on June 25, 2025.

The CBUAE announces 26 M-Bill tenders during the current year.

Meanwhile the Central Bank of the UAE (CBUAE) revealed that total gross banks’ assets, including bankers’ acceptances, rose by 0.5 per cent from Dhs4,287.0 billion at the end of May 2024 to Dhs4,310.2 billion at the end of June 2024.

In its Monetary and Banking Developments for June 2024, the Central Bank said Gross credit grew by 1.1 per cent from Dhs2,077.7 billion at the end of May 2024 to Dhs2,100.9 billion at the end of June 2024.

Gross credit rose due to increases in domestic credit by 0.8 per cent and in foreign credit by 2.9 per cent.

The bank stated that domestic credit expansion was due to increases in credit to the public sector (government-related entities) and the private sector by 1.4 per cent and 1.0 per cent, respectively, offsetting the 1.1 per cent and 0.6 per cent reductions in credit to the government sector and credit to the non-banking financial institutions.

Banks’ deposits rose by 0.5 per cent, from Dhs2,678.2 billion at the end of May 2024 to Dhs2,692.5 billion at the end of June 2024. The growth in total bank deposits was due to the rise in non-resident deposits by 8.4 per cent, overshadowing the fall in resident deposits by 0.1 per cent.