UAE net bank assets rise by 7.5 percent at November-end

Central-bank-UAEAccording to the UAE Central Bank, the net bank assets rose by 7.5% up to Dh1.6 trillion towards November-end 2010.

According to a statement made by the Central Bank on 2nd January this year, the loans of the Bank as well as their advances shot up by 0.3% in the November and by 2.3% in the initial 11 months of last year. This mirrors the cautiousness and reduced demand of the bank from the private sector.

According to Dr. Amjad Hossain, an economist at the UAE University, an increase in loans depicts that there has been a rise in the investments, which is a symbol of a gradually developing economy, as told by him to the media over telephone.

Money Supply M1 (currency in circulation plus monetary deposits) for November had stayed at the same level as it had been for October at Dh231.4 billion, as told by the Central bank.

Broad money supply, M2 which includes M1 as well as quasi-monetary deposits, but reduced to Dh784.6 billion in November from Dh797.4 billion at October-end last year because of a reduction in quasi-monetary deposits by Dh12.8 billion.