Total UAE banking reserves rise to over $81bn

Central Bank of the UAE says reserves have increased by $1.36bn in first five months. Total banking reserves at the Central Bank of the UAE totalled AED298 billion ($81.1 billion) by the end of May, a growth of AED5 billion during the past five months. The rise, according to CBUAE's Banking Indicators Report cited by state news agency WAM, was driven by an increase in the bank's reserve requirements which rose to AED126.3 billion in May, with the current accounts up to AED24.5 billion and certificates of deposits to AED147.1 billion. In terms of credit, loans provided to the government rose by 1.6 percent to AED204.8 billion in May, with business and industrial sector credit hitting AED807 billion.

Source: https://www.arabianbusiness.com/banking-finance/423495-total-uae-banking-reserves-rise-to-over-81bn

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