Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Outflows cut UAE surplus current account balance  Join our daily free Newsletter

MENAFN - Khaleej Times - 30/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Trade balance meanwhile climbs to dh503.

the net outflow of capital transfer by the uae’s private sector increased from dh30.8 billion in 2012 to dh44.8 billion in 2013. — kt file photo

higher remittances by workers rise in expenses on travel shipping and other services had a negative impact on the uae’s surplus current account balance which fell six per cent in 2013 to dh237 billion.

according to the central bank of the uae’s annual report for 2013 “the outflow of funds due to services which include freight and insurance transport travel and government services increased to dh260.7 billion in 2013 while the inflow increased to dh63.3 billion in 2013. during the same period employees’ transfers abroad increased from dh52.9 billion in 2012 to dh65.9 billion in 2013” it said.

as a result the surplus in the current account balance shrunk from dh253.3 billion in 2012 to dh237.5 billion in 2013 the annual report said.

however higher oil proceeds boosted the uae’s trade balance to dh503.7 billion in 2013 the report added.

oil exports showed a rising trend by dh11.0 billion to dh451.6 billion an increase in non-hydrocarbon exports by dh42.2 billion to dh396.4 billion and an increase in re-exports by dh53.9 billion to dh542.6 billion in 2013 showed rise in economic activity the report released on thursday said.

meanwhile total imports increased by dh88.2 billion.

the balance of services remained negative during this period with a deficit increasing from dh176.6 billion in 2012 to dh197.4 billion in 2013 as the outflow of funds due to freight and insurance transport travel and government services rose from dh231.9 billion in 2012 to dh260.7 billion in 2013 while the inflow increased from dh55.3 billion in 2012 to dh63.3 billion in 2013 the uae central bank data showed.

the net balance of the financial account was negative dh145.8 billion in 2012 and negative dh163.7 billion in 2013 indicating a net outflow of capital from the uae during this period.

the net outflow of capital transfer by the private sector increased from dh30.8 billion in 2012 to dh44.8 billion in 2013 while the public sector net transfers abroad increased from dh115.0 billion in 2012 to dh118.9 billion in 2013.

as a result of these developments the overall position of the balance of payments remained in surplus reaching dh77.3 billion in 2013.

the balance sheet of the uae central bank expanded by 16.6 per cent in 2013 with total assets increasing dh305.8 billion at the end of 2013. this was mainly the result of an increase in central bank ‘deposits’ by dh56.3 billion and in ‘held-to-maturity foreign bonds’ by dh33.3 billion while ‘cash & bank balances’ dropped dh10.8 billion and ‘held-to-maturity bonds issued’ by the ministry of finance fell dh34.8 billion.

on the liabilities side ‘current accounts and deposits’ of banks at the central bank increased by dh25.5 billion during 2013 and banks’ balance of ‘certificates of deposit’ issued by the central bank increased by dh12.5 billion.

the central bank’s balance of foreign currency assets which include dubai government bonds worth dh36.7 billion increased by 37.8 per cent during 2013 reaching dh282.9 billion at the end of the year.

this was mainly due to an increase in central bank’s ‘investments abroad in highly rated securities government bonds and treasury bills’ by dh33.3 billion an increase in ‘deposit account cash with banks abroad and loans to banks against certificates of deposit’ by dh42.2 billion.

bank deposits increased by 9.5 per cent year-on-year to dh1.278.9 trillion at the end of 2013 total bank loans advances and overdrafts soared 7.1 per cent year-on-year to dh1.177 trillion at the end of 2013.

bank loans to the real estate sector grew 13.2 per cent during 2013 reaching dh287.3 billion at the end of the year while bank loans to the companies increased by 17.1 per cent reaching dh462.7 billion bank loans to the government increased by 18.6 per cent reaching dh145.4 billion and total personal loans increased by 7.1 per cent reaching dh279.5 billion at the end of 2013.

the total assets of banks operating in the uae increased by 13.1 per cent year-on-year to dh2.025 trillion at the end of 2013.

— haseeb?khaleejtimes.com


 






  MENA News Headlines
 Sep 2 2014 - Egypt military academy stampede kills 9Arab News
(MENAFN - Arab News) CAIRO Nine people were killed on Tuesday in a stampede outside a military academy in Egypt by relatives seeking to visit cadets the army said in a statement.The military released ...

 Sep 2 2014 - Attack on Egypt security convoy kills 11 in SinaiArab News
(MENAFN - Arab News) CAIRO: An attack on a convoy killed 11 members of the Egyptian security forces in the Sinai Peninsula on Tuesday security and medical sources said.Two were killed by a roadside ...

 Sep 2 2014 - UAE- Human League to perform in DubaiKhaleej Times
(MENAFN - Khaleej Times) The Human League bring their electro-pop back catalogue to Dubai New wave legends The Human League will bathe The Irish Village in synths for their show on Thursday September ...

 Sep 2 2014 - UAE- Ismail Matar backs Mahdis contract extensionKhaleej Times
(MENAFN - Khaleej Times) Matar hinted that het could be able to return to the pitch in two weeks time after covering half of the four-week period decided by the doctors for his recovery.Dubai: Al ...

 Sep 2 2014 - Dubai does well to curb thalassaemia in newbornsKhaleej Times
(MENAFN - Khaleej Times) Drop in the number of disease cases attributed to awareness campaigns screenings.The number of cases of thalassaemia in newborns in Dubai has drastically reduced due to the ...

 Sep 2 2014 - UAE- Umm Al Quwain offers 50 per cent off on traffic finesKhaleej Times
(MENAFN - Khaleej Times) The 50 per cent cut on pending fines includes unpaid fines for speeding and other traffic violations available till December 5.The UAQ Police are offering a 50 per cent ...

 Sep 2 2014 - UAE- Ajman launches online renewal of car registrationKhaleej Times
(MENAFN - Khaleej Times) The programme also provides the opportunity for public to renew their registration card without having to visit the traffic department.The Ajman Police on Monday launched its ...

 Sep 2 2014 - UAE- Cop accused of kidnapping raping womanKhaleej Times
(MENAFN - Khaleej Times) He drove her to a dark location near a construction site after offering a lift where he allegedly raped her.A cop has been charged in the Court of First Instance with ...

 Sep 2 2014 - UAE- Manager blackmails women staff for sex court hearsKhaleej Times
(MENAFN - Khaleej Times) Three women have complained against the 31-year-old man alleging that he had been constantly sexually harassing them.A Palestinian manager has been brought before the Court ...

 Sep 2 2014 - UAE- 22-year-old Indian found hanging from treeKhaleej Times
(MENAFN - Khaleej Times) Police patrols and paramedics were rushed to the spot who took down the body and transferred it to Al Dhaid Hospital for an autopsy.A 22-year-old Indian man was found hanging ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help