UAE banks' loans hit $490bln in August

The loans provided to the public sector jumped by 23%

  
United Arab Emirates Dirham.Image used for illustrative purpose.

United Arab Emirates Dirham.Image used for illustrative purpose.

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Abu Dhabi – Mubasher: The loans granted by the UAE banks rose by 5.5% to AED 1.8 trillion by the end of August 2020, compared to around AED 1.7 trillion in the same period of 2019.

The UAE banks have lent the private sector AED 1.13 trillion in August, down 1.6% from AED 1.15 trillion in the corresponding month of the earlier year, according to the latest data by the Central Bank of the UAE (CBUAE).

Meanwhile, the loans provided to the public sector jumped by 23% to AED 255.9 billion in August, when compared to the year-ago period.

It is noteworthy to mention that in August, the total foreign currency assets at the CBUAE rose by 1.3% to AED 355.2 billion, when compared to June 2020.

Source: Mubasher

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