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
 Aug 21 2014 - Hamas warns foreign airlines as Israel declares talks overArab News
(MENAFN - Arab News) GAZA CITY Palestinian Territories: The armed wing of Hamas warned foreign airlines against flying into Tel Aviv on Wednesday and declared truce talks in Cairo over as a six-week ...

 Aug 21 2014 - Saudi- Iconic Urdu poet in Jeddah for mushairaArab News
(MENAFN - Arab News) Some of the most-loved names in Urdu poetry will regale hundreds of expatriates with their couplets at the Indian Consulate's annual mushaira to be held at the International ...

 Aug 21 2014 - Saudi- PISJ-ES reports outstanding academic featArab News
(MENAFN - Arab News) Students of the Pakistan International School-Jeddah (English Section) (PISJ-ES) have shown outstanding academic performance this year.According to the school's acting principal ...

 Aug 21 2014 - 77000 Saudi youth aspire for skilled jobsArab News
(MENAFN - Arab News) With only three days left for submitting applications around 77000 Saudi men and women have enrolled for vocational training at the Colleges of Excellence (CoE) throughout the ...

 Aug 21 2014 - Saudi- Woman ordered to pay SR30000 for khulaArab News
(MENAFN - Arab News) A court in Riyadh has ordered a woman to pay SR30000 for her to be able to separate from her husband after he injected her with a narcotic substance local media said.The man in ...

 Aug 21 2014 - Saudi- Shoura member to speak at world science conferenceArab News
(MENAFN - Arab News) A leading Swiss scientific foundation has chosen a female Saudi Shoura Council member to speak alongside international personalities at a conference highlighting the role of ...

 Aug 21 2014 - Saudi- Punished for misbehavior women riot at Asir orphanageArab News
(MENAFN - Arab News) Nine young women at Asir's public orphanage aged between 20 and 23 started a riot in the building on Sunday burning records and assaulting the director of the orphanage after ...

 Aug 21 2014 - Saudi- Al-Balawi isacting chief of Border GuardsArab News
(MENAFN - Arab News) Maj. Gen. Awad bin Eid Al-Balawi has been appointed acting director-general of Border Guards following the death of Gen. Zamim Al-Sawat.Interior Minister Prince Mohammed bin Naif ...

 Aug 21 2014 - Saudi- SRO working on more railway projectsArab News
(MENAFN - Arab News) The Saudi Railway Organization (SRO) is continuously working on developing stations trains and railways said SRO President Muhammad Al-Suwaiket.'We have completed blueprints for ...

 Aug 21 2014 - Muslim org in Belgium condemns ISIL atrocities in IraqKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Muslims in Belgium are shocked by the crimes committed by the ISIL in Iraq and, in particular, the executions and persecution suffered by religious minorities, ...

more...


 






Google

Click to Apply

 
 

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