Rate of bank lending growth 'reasonable,' says UAE Central Bank Governor
Source: BI-ME with Reuters , Author: Posted by BI-ME staff
Posted: Fri March 23, 2012 9:05 am
china wholesale market

UAE. The rate of bank lending growth in the United Arab Emirates is "reasonable," Central Bank Governor Sultan Nasser al-Suweidi said on Friday.

"Bank lending is going at a reasonable rate. The rate has been close to 3.5%, which is reasonable under the circumstances," he told reporters on the sidelines of a financial conference.

He described the central bank's monetary policy as "good", when asked the possibility of shifts in monetary policy, without elaborating.

The 2008 global financial crisis exposed bank lending excesses in the oil-reliant UAE economy, bursting a property bubble and triggering a $25 billion debt restructuring of Dubai World in 2010.

However, most UAE banks have large capital cushions by international standards and they have been relatively unscathed by the euro zone debt crisis because they have only minor exposure to Europe.

Despite some recovery, bank lending remains sluggish in the UAE. Provisions against bad loans rose to a record 55.3 billion dirhams ($15.1 billion) in December, up 25 percent from a year ago, central bank data show.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: September 2, 2015
UAE. Report, conducted by Deloitte and MIT Sloan Management Review, reveals that the ability to digitally transform and reimagine a business is determined in large part by a clear digital strategy supported by leaders who foster a culture able to change and reinvent their organizations.
date:Posted: September 2, 2015
SAUDI ARABIA. Were Saudi defence spending to be financed entirely from net oil export revenues in 2015, the spending would consume ~73.4 percent of these revenues.
date:Posted: September 2, 2015
INTERNATIONAL. The key assumption is that global markets recover from recent turbulence, China doesn't move aggressively on devaluing its currency, and the Fed raises rates.
UAE. Report, conducted by Deloitte and MIT Sloan Management Review, reveals that the ability to digitally transform and reimagine a business is determined in large part by a clear digital strategy supported by leaders who foster a culture able to change and reinvent their organizations.
dhgate