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FINANCIAL NEWS
AMF: UAE economy to grow 2% this year
01 Sep 2010
(MENAFN) The Arab Monetary Fund (AMF) has forecast that the UAE�s gross domestic product (GDP) is set to grow by two percent this year, Reuters reported.
The data has been released shortly after the UAE Minister of Economy Sultan Bin Saeed Al Mansouri said GDP is set to rise 2.25 percent as the nation emerges from the turmoil caused by the financial crisis.
In the banking sector, the AMF said domestic liquidity in the first four months of the year grew by 1.4 percent, while the combined assets of UAE banks rose less than one percent to $410 billion.
A total of 2.18 million cheques, with a gross value of $22 billion were cleared between January and April, while the number of dud cheques averaged at 6.3 percent, according to the report. This compares to an average of 6.1 percent for the same period in 2009.
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