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UAE banks’ local investments hit AED121 billion by end of October

An increase from AED111.2 billion at the end of 2014

The value of local investments by banks operating in the United Arab Emirates amounted to AED121.9 billion by the end of October, compared with AED111.2bn at the end of 2014.

During the January-to-October period, banks’ local investments surged by AED10.6bn or 9.6 per cent, according to figures released by the UAE central bank.

The consolidated balance sheet of the country’s banks soared to AED2.42 trillion, up by AED115.8bn (or 5.03 per cent), the data published by Al-Bayan reveals.

With regards to assets, the data indicates that cash and deposits with the central bank stood at AED236.6bn

Cash deposits amounted to AED396.9bn at the end of October, compared with AED377.1bn at the end of 2014, while the value of quasi-monetary deposits stood at AED729.4bn, compared with AED704.9bn for the same period a year earlier.

The statistics also show that the value of federal government deposits amounted to AED154.2bn at the end of October, compared with AED188.82bn at the end of 2014.

Furthermore, the value of letters of credit reached AED159.7bn against AED153.95bn at the end of 2014.