Reserves of UAE banks at CB in Sep above USD17b

22 Nov 2011

(MENAFN) UAE’s central bank said that in September, statutory reserves from UAE banks at the central bank reached more than USD17 billion, recording their highest level, reported Emirates 24/7.

The bank added that the country’s 23 national banks and 28 foreign units should keep at least 14 percent of their current accounts, savings and call accounts and 1 percent of their time deposits with the central bank, under the UAE’s current regulations.

It also said that lending was still low in spite of a sharp increase in deposits, which reached USD290 billion at the end of the month, compared with USD275.9 billion in the same month last year.

It is worth noting that in September, banks’ domestic credit grew by around 3.5 percent from a year ago, to almost USD292.5 billion.

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