Govt deposits in UAE banks reach record high at AED286bn

 

Growth attributed to rising oil price in past 12 months

ABU DHABI: Government deposits in UAE-based banks hit an all-time-high of AED286 billion ($77.8 billion) as of September end, 2018, the country’s Central Bank said on Tuesday

The government deposits have grown by AED74 billion ($20billion) in the first 9 months of the current year, as reported by national news agency WAM.

The growth in government deposits has primarily been attributed to rising oil prices, which grew by 35 per cent during the past 12 months.

Government fiscal surpluses since the beginning of the year amounted to AED186 billion ($50.7), according to the statistics released by the Ministry of Finance statistics.

Figures from Dubai Customs a few days ago said the Emirate’s external non-oil trade for the first nine months of 2018 reached AED965.3 billion ($262.8 billion).

Re-exports registered 13 per cent growth to touch $81.5 billion, while imports reached $161.3 billion, and exports $26.6billion.

In a statement, Dubai Customs said, “The trade performance reflects the success of government policies and initiatives and strategic sustainability development plans to support the growth of various economic sectors”.

 

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