The excess reserves of UAE banks and financial institutions jumped by 211% during the first eight months of 2020, with an increase of 54.8 billion dirhams.
According to the Emirates News Agency, the statistics issued by the UAE Central Bank showed that the continuous growth of liquidity surplus raised the total balance of this item to 80.1 billion dirhams during the month of August of the year. This compares with 25.9 billion dirhams in December 2019.
The total balance reached the level of 26.3 billion dirhams in January of this year before continuing to rise to the level of 32.8 billion dirhams at the end of the first quarter of the same year.
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and with the Central Bank's implementation of the economic support plan through banks, the total balance of the surplus volume rose to 50.3 billion dirhams by the end of the first half of this year, then jumped to 74 billion Dirhams in July, according to statistics issued by the Central Bank.
It is noteworthy that the latest figures issued by the Central Bank indicated that the number of banks operating in the UAE is 59, including 21 banks and 38 branches of foreign banks.
