Central Bank: UAE banks’ gross assets increases 0.7 percent to stand at USD990B in November

2023-01-25 03:36:26

(MENAFN) The gross assets of UAE banks, which contains bankers’ acceptances, surged by 0.7 percent to reach 3.639 trillion dirhams (USD990 billion) at the end of November last year, in comparison with the prior month, as shown by the most recent numbers issued by the Emirates’ central bank.

The Central Bank of the UAE’s November summary report, issued on the 23rd of January, pointed out that gross credit climbed 0.5 percent from nearly 1.878 trillion dirhams by the closing of October last year to nearly 1.887 trillion dirhams by the end of November this year.

As shown by the report, the gross credit of UAE banks jumped because of a 0.8 percent increase in local credit, overriding the 1.7 percent decline in foreign credit.

The report additionally noted that local credit witnessed a surge in November because of the 0.4 percent, 2.0 percent and 0.7 percent increases in credit to the administration industry, the public industry comprised of government-associated entities and the private industry, individually.

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