UAE banking sector made investments worth $4.5 billion in April 2020

By Backend Office, Desk Reporter
    Representational Image

    The Central Bank of UAE has reported that UAE’s banks made investments worth $4.51 billion (AED16.6 billion) in April 2020.

    Banks are appropriating their excess liquidity in financing instruments that will increase their profits, raising the accumulative balance of the banking sector’s investments to $107.31 billion, an increase of 4.4 percent compared to $102.70 billion in March 2020.

    The Central Bank’s statistics showcase an appreciation in investments by banks in nearly all available instruments, comprising $3.5 billion in securities that represent debts on other debt securities, which rose in terms of the total balance to $65.62 billion at the end of April 2020, compared to $62 billion in March.

    The financing of the banking sector in stocks extended from $2.3 billion in March to $2.2 billion, indicating a $54 million monthly expansion while investments in bonds grew from $24 billion to 25 billion, and other investments amounted to $13.4 billion opposed to $13.44 billion, during the same reporting period.

    YOU MAY LIKE