Government deposits in the UAE's banking system rose to a record level, the first of its kind after its total balance reached an all-time high of 286 billion dirhams at the end of September. According to the Central Bank of UAE, Government deposits have risen by 74 billion dirhams in the first nine months of the year.
The growth was attributed to higher oil prices, which grew by more than 35% during the past 12 months, reflecting positively on the Government’s revenues and the total assets of the banking sector.
Government fiscal surpluses since the beginning of this year amounted to AED 186 billion and have contributed to an increase in government spending, according to the Ministry of Finance statistics.
Source: (Al Khaleej newspaper, Edited)
