uae bank deposits decline by 08
Last Updated : GMT 00:26:55
Arab Today, arab today
Arab Today, arab today

UAE bank deposits decline by 0.8%

Arab Today, arab today

Arab Today, arab today UAE bank deposits decline by 0.8%

Abu Dhabi - Arabstoday

Bank deposits in the UAE fell in November to Dh1.05 trillion, or 0.8 per cent from the previous month, the latest data from the Central Bank shows. Total bank assets, however, rose to Dh1.67 trillion, up 0.1 per cent over October\'s Dh1.67 trillion. Loans and advances by banks (net of provisions) rose 0.1 per cent in November to Dh1.07 trillion, the data showed. Bank deposits rose at a modest 0.4 per cent on the year during the first 11 months of 2011. By comparison, loans and advances by banks jumped 4.2 per cent compared to the corresponding period a year earlier. Article continues below \"The drop in deposits is in part due to a drop in government deposits in the system, and in part due to higher remittances by expatriates, particularly those from India as the Indian rupee has devalued sharply against the US dollar since August,\" Shabbir Malek, banking analyst with EFG-Hermes, told Gulf News. Latest data He added: \"The latest data from the Central Bank shows that UAE\'s loan growth in 2011 is likely to be better than in 2010, despite Central Bank regulations on retail lending limiting growth in the segment. \"This is mainly due to growth in Abu Dhabi banks, which have been able to tap into financing for Abu Dhabi\'s government projects. \"Deposits have contracted since June, as a result of which the loans-to-deposit ratio has crossed 100 per cent, implying that liquidity in the system has tightened. \"But I am not very concerned about liquidity as I expect the government to inject deposits into the system to stabilise liquidity if needed.\" Late last month, the Central Bank said the money supply M0 (currency in circulation plus currency at banks) increased by 2.3 per cent from Dh52 billion last October to Dh53.2 billion in November. \"Money supply aggregate, M1 [currency in circulation plus monetary deposits; current accounts and call accounts at banks] increased by 2.2 per cent from Dh258.8 billion at the end of October to Dh264.6 billion at the end of November,\" it said at the time. \"Money supply aggregate, M2, which comprises M1 and quasi-monetary deposits [resident time and savings deposits in dirhams, commercial prepayments in dirhams and resident deposits in foreign currencies], increased by 0.4 per cent from Dh818.9 billion at the end of October to Dh822.1 billion at the end of November.\"  

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