Reserves in UAE Central Bank total $83bln in June 2019

According to the "Banking Indexes Report", this increase was due to the rise in the value of certificates of deposit

  
General view of Central Bank of The U.A.E. on January 3, 2017 in Dubai, United Arab Emirates.

General view of Central Bank of The U.A.E. on January 3, 2017 in Dubai, United Arab Emirates.

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ABU DHABI: The value of total reserves in the UAE Central Bank rose to around AED305 billion ($83 billion) at the end of the first half of 2019, compared to AED298 billion in May, an increase of 2.5 percent.

According to the "Banking Indexes Report" issued by the bank on Monday, this increase was due to the rise in the value of certificates of deposit, from AED147.1 billion to AED155.8 billion at the end of June, while the total balance of current accounts in Emirati banks increased to AED24.7 billion.

Meanwhile, the balance of reserve requirements in Emirati banks decreased from AED126.3 billion in May to a current value of AED124.8 billion. With regards to credit, the report highlighted an increase in the total balance of credit provided to the industrial and commercial sector, amounting to around AED815.6 billion at the end of June, a rise of 1.1 percent compared to the previous month, while the government’s credit value reached AED201.6 billion.

© Copyright Emirates News Agency (WAM) 2019.


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