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Sun 24 Jan 2016 04:28 PM

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UAE banks report drop in demand for credit

Downward trend was revealed by the central bank in its latest survey of lenders

UAE banks report drop in demand for credit

Demand for credit in the United Arab Emirates was in a downtrend during the fourth quarter of last year, the UAE central bank said on Sunday as it released a survey of banks.

The net balance measure for business lending - the weighted percentage of respondents reporting an increase in demand for loans minus those reporting a fall in demand - dropped to minus 8.1 in the fourth quarter from plus 9.9 in the previous quarter.

However, the survey found respondents expect the net balance measure to recover to plus 3.5 in the current quarter, the central bank added.

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