RIYADH: The UAE's public budget experienced a 32 percent increase, reaching 650 billion dirhams ($176 billion) in June 2023, up from 491.4 billion dirhams in the same period of the previous year, as reported by the Emirates News Agency, also known as WAM.
Citing data from the Central Bank of the UAE for June, the WAM report also noted that the Emirates’ public budget saw a month-on-month increase of 0.2 percent in June 2023. The final figure for the month settled at 649.42 billion dirhams, marking a growth of 1.3 billion dirhams compared to the previous month’s 648.12 billion dirhams in May.
“This momentum extended into the current year with a 17.5 percent rise since the start of the year, compared to some 552.5 billion dirhams at the end of December 2022, an increment of 97 billion dirhams during the year’s first half,” said the state-run news agency in its report.
The apex bank received 257.2 billion dirhams from cash and bank balances in June 2023, while investments designated for maturity reached 211.32 billion dirhams, according to WAM’s report.
The bank also reported deposits of 135.34 billion dirhams, with loans and advances at 4.18 billion dirhams. Other assets were earmarked at 41.38 billion dirhams.
During the month, the central bank allocated 284.78 billion dirhams to current and deposit accounts. Cash permits, combined with Islamic deposit certificates, amounted to approximately 205.72 billion dirhams.
Furthermore, the budget set aside 136.48 billion dirhams for issued cash securities and coins. Capital and reserves were allocated 12.73 billion dirhams, with other liabilities recorded at 9.71 billion dirhams.
The apex bank revealed that the country’s foreign assets grew from 592.11 billion dirhams in June to 590.19 billion dirhams in May.
“The UAE’s current account balances and deposits with banks abroad amounted to 363.23 billion dirhams by the end of June 2023, from 361.78 billion dirhams in the previous month,” WAM reported, citing data from the CBUAE.
In June, the central bank forecasted the UAE’s oil and non-oil gross domestic product in 2024 to grow by 3.5 percent and 4.6 percent, respectively.
The bank’s economic review report for the first quarter underlined the stability and adherence to agreed-upon production levels in the oil market, contributing to a balanced and sustainable economic outlook.
