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UAE bank loans increase by AED 97bn in May 2020

UAE bank loans increase by AED 97bn in May 2020
Loans provided to the government recorded AED 238.3 billion

UAE - Mubasher: Bank loans in the UAE rose by 6% or AED 97 billion to AED 1.778 trillion in May 2020, when compared to around AED 1.68 trillion during the same month of 2019.

The bank loans granted to the private sector inched up by 0.1% in May 2020 to AED 1,139.8 billion from AED 1,139 billion in the year-ago period, according to the data by the Central Bank of the UAE (CBUAE).

At the same time, the loans provided to the government recorded AED 238.3 billion during the fifth month of 2020, up 16% from AED 204.8 billion in the corresponding period of 2019.

It is noteworthy to mention that the UAE banks have raised their investments by 12% year-on-year (YoY) in May.