CBUAE’s total bank reserves up to AED298 bn in May

ABU DHABI, The total banks’ reserves at Central Bank of the United Arab Emirates amounted to AED298 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 released today, is 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 by to the government hiked 1.6 pc to AED204.8 billion in May, with business and industrial sector credit hitting AED807 billion.

The average cost on bank deposits stood at 1.1 %-1.8 % with the lending to stable resources ratio ranging from 81.2 % to 82.4 percent.

Specific provisions and the interest in suspense remained at AED94.5 billion, with the general provisions reaching AED32.4 billion by the end of May.

Source: Emirates News Agency