Emirates Central Bank Report: Local Banks Provide $708 Million in Funding to Trade and Business Sectors in February

Local banks in the Emirates pumped 2.6 billion dirhams ($708 million) in funding to the country’s trade and business sectors during the month of February, according to the latest figures from the Central Bank of the Emirates.

Statistics showed UAE Central BankThe cumulative balance of credit given by national banks to the two sectors trade And business It rose monthly by 0.35 percent to 748.1 billion dirhams (about 203.7 billion dollars) at the end of February last year compared to about 745.5 billion dirhams (about 203 billion dollars) in the previous January, an increase of -equivalent to 2.6 billion dirhams.

According to statistics, the cumulative balance of credit given by UAE banks to the sectors trade and industryIt increased annually by about 1.82 percent, compared to about 734.7 billion dirhams at the end of February 2023, an increase of 13.4 billion dirhams in 12 months.

According to the Central Bank, resources for the commercial and industrial sectors include loans to residents from discounted commercial papers, insurance companies, and small and medium-sized companies.

The amount of credit financing provided by local banks to the commercial and industrial sectors in the UAE is equal to 90.3 percent of the total balance of credit provided to both sectors, which amounted to 828.5 billion dirhams at the end of February last year, and the share of foreign banks was about 9.7 percent, amounting to 80.4 billion dirhams.

The cumulative balance of credit given by banks in the Emirate of Abu Dhabi to the trade and business sectors reached about 365.9 billion dirhams at the end of February last year, while it was about 355.4 billion dirhams to banks in the Emirate of Dubai , and 103.8 billion dirhams to incoming banks The UAE The other one.

and property Banks Normal amounts to about 680.8 billion dirhams, or 82.2 percent of Credit financing which was given to the trade and business sectors at the end of February last year, while the share of Islamic banks reached about 147.7 billion dirhams, equal to 17.8 percent.