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ABU DHABI – Government deposits in the UAE reached a record level, the first of its kind, with a total balance of AED 286 billion at the end of September.
According to data published by the Central Bank of the United Arab Emirates, government deposits increased by about 74 billion dirhams in the first nine months of this year.
The increase in government deposits has been supported by rising oil prices, which has risen more than 35% over the last 12 months, which has contributed to the rise in state revenues. as evidenced by the rise in the total assets of the UAE banking system.
The increase in public surpluses since the beginning of the year has contributed to an increase in its expenditures, which rose in the first half of the year to about MAD 186 billion, according to the figures and statistics published by the Ministry of Finance. The value of government deposits increased by 21.2 billion dirhams in the first quarter of this year, a growth of 10 percent over the end of 2017, while the increase recorded in the second quarter of the same year was 17.4 billion dirhams. The third quarter of the year was marked by the largest increase in government deposits, with a value of 35.4 billion dirhams, which resulted in a total balance of about 286 billion dirhams. It is worth noting that the value of the increase in government deposits during the first nine months of 2017 is high at about 14.2 billion dirhams, according to Central Bank statistics. WAM / Nasser Aref / Dina Omar
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© Copyright Emirates News Agency (WAM) 2018.
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