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USD credit makes up 81.1% of UAE banks’ loans in H1

USD credit makes up 81.1% of UAE banks’ loans in H1
The Euro-denominated loans made up 10.9% of total eligible loans

UAE – Mubasher: The Central Bank of the UAE (CBUAE) revealed that borrowing in the US dollar accounted for 81.1% of Emirati banks' eligible loan amounts due in the first half of 2019, Emirates News Agency (WAM) reported.

The Euro-denominated loans came in the second spot, making up 10.9% of total eligible loans due in H1-19, followed by Pound-denominated debts comprised 2%, the CBUAE’s figures showed.

Meanwhile, borrowing in Yen, Chinese Yuan, and Swiss Franc stood at 1.4%, 0.3%, and 0.1%, respectively, according to the central bank.

At the level of the Arab monetary, Saudi Riyal came in the first place, accounting for 1.6% of loans, followed by Bahraini Dinar and Kuwaiti Dinar standing at 0.2% each.

In the second quarter of 2019, the total foreign assets held by national banks were valued by the banking regulator at AED 582 billion, rising by 2.1% quarter-on-quarter.