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Sunday, September 24, 2023

Central Bank’s H1 2023 budget: Dh650 billion

The UAE’s Central Bank achieved a record-high public budget of Dh650 billion by the close of June 2023, according to its latest fiscal report. In June 2023 alone, the budget increased by 0.2%, reaching Dh649.42 billion from the previous month’s Dh648.12 billion, marking a Dh1.3 billion uptick in just one month.

Year-on-year, the central bank’s public budget surged by 32.15%, equivalent to Dh158 billion, in contrast to the Dh491.4 billion recorded in June 2022.

Continuing this momentum, the current year witnessed a 17.5% rise since the year’s outset, with the budget reaching Dh552.5 billion by the end of December 2022, signifying a Dh97 billion increase in the first half of the year.

Budget allocation on the asset side showed Dh257.2 billion designated for cash and bank balances in June. Additionally, investments held until maturity were earmarked at Dh211.32 billion, deposits accounted for Dh135.34 billion, loans and advances received Dh4.18 billion, and other assets were assigned Dh41.38 billion.

On the liabilities and capital side, Dh284.78 billion was allocated for current and deposit accounts.

Cash permits and Islamic deposit certificates were assigned Dh205.72 billion. Moreover, Dh136.48 billion was set aside for issued cash securities and coins, and capital and reserves received Dh12.73 billion, with other liabilities accounting for Dh9.71 billion.

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