UAE banks' loans rise 6% in July 2020

The loans provided to the government climbed by 22% year-on-year

  
Bundles of UAE currency. Image used for illustrative purpose.

Bundles of UAE currency. Image used for illustrative purpose.

Getty Images

UAE: The loans granted by the UAE banks rose by 6% to AED 1.8 trillion in July 2020, compared to around AED 1.7 trillion in the same month of 2019, according to the latest statistics by the Central Bank of the UAE (CBUAE).

The UAE banks' lending to the private sector decreased by 1.1% to AED 1.134 trillion in July 2020, compared to AED 1.147 trillion in the year-ago period.

Meanwhile, the loans provided to the government climbed by 22% year-on-year (YoY) to AED 252.7 billion in July 2020.

It is noteworthy to mention that by the end of July, the liquidity facility provided by the CBUAE to the banking sector as part of the Targeted Economic Support Scheme (TESS) increased by AED 334 million to AED 44.72 billion, when compared to June.

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