UAE banks inject $5.17bln loans to support economy in 9 months

UAE –  The banks operating in the UAE have pumped more than AED 19 billion loans into the national economy during the first nine months of 2020, according to the latest data by the Central Bank of the UAE (CBUAE).

The UAE banks' domestic credit rose by 2.9% year-on-year (YoY) to AED 1.611 trillion by the end of September, compared to AED 1.565 trillion in the year-ago period.

On a quarterly basis, the domestic credit went down by around 0.9% in September 2020.

 

The UAE's construction and real estate sector has accounted for AED 326.7 billion of domestic credit in September 2020, up 5% from AED 311.14 billion by the end of the previous year.

It is noteworthy to mention that in September 2020, the value of loans granted by UAE banks increased by 5% to AED 1.8 trillion, compared to around AED 1.7 trillion in the same month of 2019.

 

Source: https://www.zawya.com/mena/en/business/story/UAE_banks_inject_517bln_loans_to_support_economy_in_9_months-SNG_190737242/

 

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