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Bank lending to private sector drops by USD2.99b: UAE CB  Join our daily free Newsletter

MENAFN - 07/11/2012

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(MENAFN) The UAE Central Bank said that lending by banks in the country to the private sector in July fell by nearly USD2.99 billion, reported Emirates 24/7.

The bank said that credit to the private sector dropped to USD154 billion at the end of July, from approximately USD157 billion at the end of June.

The bank said that lending to the public sector rose by USD2.17 billion, to USD34.40 billion from USD31.57 billion.

It noted that in the January-July period, total credit extended by the UAE's 23 national banks and 28 foreign units went up 2.4 percent, with total loans reaching around USD219.65 billion, up from nearly USD214.48 billion at the end of 2011.

It is worth noting that at the end of July, lending to the government reached USD31.27 billion from USD30.81 billion at the end of June.

 






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