RIYADH: The UAE banking sector’s total assets surged to 4.02 trillion dirhams ($1.09 trillion) for the first time in history in November 2023, official data showed. As per a report from the Central Bank of the UAE, this represents a 0.8 percent increase compared to the preceding month, with the figure standing at 3.99 trillion dirhams. Additionally, total bank credit at the end of November rose by 1 percent, reaching 1.99 trillion dirhams, with domestic and foreign credit showing growth of 0.8 percent and 2.8 percent, respectively. The central bank attributed the growth in domestic credit to a 5 percent, 2 percent, and 6 percent rise in credit to the public sector, private entities, and non-banking financial institutions, respectively. By the end of November, total deposits in the UAE’s banking sector reached 2.44 trillion dirhams. Resident deposits increased by 0.4 percent, driven by a 1.9 percent rise in private sector funds. However, deposits of non-banking financial institutions remained unchanged. The country’s monetary base witnessed a 2.9 percent growth in November, reaching 614 billion dirhams, compared to 596.9 billion dirhams in October. The report highlighted that the total M1 money supply, composed of currency, demand deposits, and other liquid deposits, including savings deposits, reached 797.4 billion dirhams at the end of November. Similarly, the total M2 money supply, encompassing cash on hand and money deposited in checking and savings accounts, savings accounts, and other short-term saving vehicles increased by 0.7 percent month-on-month in November, reaching 1.93 trillion dirhams. The total M3 money supply, which includes M2 plus government deposits with banks operating in the UAE and with the central bank, rose to 2.38 trillion dirhams in November, reflecting a 0.5 percent increase compared to the previous month.