Media ININ Economy We Trust
Media In – Abu Dhabi March 15, 2018 and WAM
The balance of foreign assets with banks in the UAE stood at AED 585.1 billion, representing 21.8% of the total assets of the bank during the month of January, which amounted to AED 2.688 trillion.
The preliminary reading of the UAE Central Bank’s preliminary figures shows that the balance of the country’s banking system of foreign assets increased during the first month of 2018 by 5.5 billion dirhams compared to the end of 2017, which reached a balance of 579.6 billion dirhams.
The increase in foreign assets reflects the continued strong financial strength of the UAE banking system in a way that confirms the pace of activity in the national economy in general.
This is the first time that the balance of foreign assets has exceeded the foreign assets liabilities of the banking system since 2015 by about 2.5 billion dirhams, according to Central Bank statistics showing that liabilities in January amounted to about 582.56 billion dirhams.
In the first quarter of 2017, the value of the foreign exchange market stood at 553 billion dirhams, or 20.95 percent of the total assets of the banking system, but the value in the second quarter declined to 530.5 billion dirhams.
During the third quarter of last year, the balance of the banking system in the country of foreign assets to improve again and increased to AED 563.2 billion and continued to rise in the fourth quarter to reach 579.6 billion dirhams and 21.5% of the total assets of the device.
