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UAE CB says banks’ mortgage credit down to USD43.67b in Q1

29 Jul 2012

(MENAFN) The UAE’s Central Bank stated that during the first quarter, UAE banks’ mortgage credit dropped by around USD272 million to USD43.76 billion, reported Emirates 24/7.

The bank said that the figure is compared with USD43.95 billion mortgage credit provided by the 23 national banks and 28 foreign units at the end of last year.

It added that through 2011, mortgage loans in the UAE have declined by about USD544 million, and they stayed unchanged through January, before recovering by around USD190.52 million in February.

It is worth noting that in 2009, mortgage loans in the UAE slowed down compared with the previous year, as banks kept their tight credit policies and trimmed around USD3.53 billion off their balance sheets for bad debt.

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