Foreign assets growth of UAE banks 17.5% within 4 months

The net foreign assets of Emirati banks increased by 17.5% to reach 79.8 billion dirhams during the first four months of 2020, compared to the net recorded in December of the year 2019.

According to Emirates News Agency, Emirates Central Bank statistics showed that the significant growth in surplus foreign assets in national banks came as a result of the rise in its total balance of these assets to the level of 684.8 billion Dirhams during the first four months of the year 2020 compared to the total balance of its foreign liabilities amounting to approximately 605 billion dirhams in the same monitoring period.

The total balance of foreign assets of national banks grew by 6.4%, an increase of approximately 41.3 billion dirhams, compared to their total balance in December 2019.

The continuous rise in foreign assets of national banks is an indication of the large solvency they enjoy, according to global financial and monetary concepts.

Central bank statistics showed that foreign assets of national banks accounted for 84% of the cumulative balance of foreign assets with the UAE banking system in general during the first four months of the year The current amount of approximately 814.9 billion dirhams.

The total balance of foreign assets of foreign banks operating in the UAE was about 130 billion dirhams at the end of April of this year compared to 127.63 billion dirhams in December of the year 2019.

A detailed illustration of the movement of the foreign assets index in national banks continues to grow the total balance during the period from January to the end of April of this year, as it rose to 659.55 billion in a month January then to almost 667.7 billion dirhams in February, before dropping to 665.45 billion dirhams in March, and then back up to the level of 684.8 billion dirhams in April.

In contrast, the total balance of foreign liabilities of national banks increased to 589.83 billion dirhams in January of this year and then to 603.8 billion dirhams in February, and jumped to 626.3 billion dirhams In March, before declining to about 605 billion dirhams in April.