Media ININ Economy We Trust
Media IN/ WAM November 6, 2018
Government deposits in the UAE’s banking system have witnessed a remarkable rise to a record level, the first of its kind, after the total balance of the bank’s balance reached 286 billion dirhams at the end of last September.
According to figures released by the Central Bank of UAE, government deposits increased by about 74 billion dirhams during the first nine months of this year.
The increase in government deposits was supported by higher oil prices, which grew by more than 35% in the last 12 months, which contributed to the increase in government revenues, which was evident from the increase in the total assets of the UAE banking system.
The increase in government surpluses since the beginning of the year has contributed to an increase in government spending, which in the first half of the year amounted to about 186 billion dirhams, according to figures and statistics issued by the Ministry of Finance.
It is noteworthy that the value of the increase in government deposits during the first nine months of 2017 amounted to about 14.2 billion dirhams, according to statistics of the Central Bank.
