UAE banks in good position, says Central Bank

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World markets may be tip-toeing on hot coals but the United Arab Emirates are trotting at a healthy pace, according to the country’s central bank.

The ruling bank said, in a statement, that banks in UAE are unlikely to be severely affected by the global turmoil, including ripples from the Eurozone debt crisis.

“The Board reviewed report of the Assistant Governor for Monetary Policy and Financial Stability Affairs, which showed that banks are in a good position and should not be negatively impacted by the recent turmoil in international markets,” the bank said, as reported in local media.

Global markets are expected to suffer even more until there is resolution on the situation in Greece, which could face an exit from the Eurozone.

Recent data compiled by National Bank of Abu Dhabi revealed that the UAE banking sector’s net assets increased in March by 2.4 percent year-on-year to reach US$474 billion.

Loans and advances at UAE banks rose 2.5 per cent year-on-year to reach US$293 billion at the end of March 2012.

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Reading Time: 1 minute

World markets may be tip-toeing on hot coals but the United Arab Emirates are trotting at a healthy pace, according to the country’s central bank.

Reading Time: 1 minute

World markets may be tip-toeing on hot coals but the United Arab Emirates are trotting at a healthy pace, according to the country’s central bank.

The ruling bank said, in a statement, that banks in UAE are unlikely to be severely affected by the global turmoil, including ripples from the Eurozone debt crisis.

“The Board reviewed report of the Assistant Governor for Monetary Policy and Financial Stability Affairs, which showed that banks are in a good position and should not be negatively impacted by the recent turmoil in international markets,” the bank said, as reported in local media.

Global markets are expected to suffer even more until there is resolution on the situation in Greece, which could face an exit from the Eurozone.

Recent data compiled by National Bank of Abu Dhabi revealed that the UAE banking sector’s net assets increased in March by 2.4 percent year-on-year to reach US$474 billion.

Loans and advances at UAE banks rose 2.5 per cent year-on-year to reach US$293 billion at the end of March 2012.

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