in high single digits this year, and forecasted 8.0 per cent y/y in
The report added, bank loans grew at their fastest pace since Q4 2009,
reaching 7.1 per cent y/y in
Loans and advances rose just 0.3 per cent m/m however, after a big jump in
The acceleration in credit growth through 2013 (average 5.5 per cent
compared with average 2.7 per cent in 2012), provides further evidence of
the broader economic expansion in the
sector credit growth remains lower than in Saudi Arabia and
Bank deposits rose AED 5.4 billion to AED 1278.9 billion in December, up
0.4 per cent m/m and 9.5 per cent y/y. For the full year 2013, bank
deposits increased by AED 111.1 billion, compared with AED 98.1 billion in
2012. The central bank said in a statement that residents' deposits were
up 13 per cent y/y, and this would have been a key driver of overall
deposit growth last year.
Overall domestic liquidity continued to improve, with broad money supply
(M2) up 1.9 per cent m/m and 22.5 per cent y/y, the highest annual growth
growth accelerated to 20.2 per cent y/y from 15.6 per cent y/y in
November, while M1 growth slowed to 26.9 per cent y/y in December.
deposits continued to decline m/m through the fourth quarter, which is
reflected in the slower M3 growth over the same period.;
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