By Staff writer
Central bank figures show value of personal loans increased by 3% compared to previous month
The value of personal loans in the UAE increased to AED349.9 billion ($95.2 billion) in February, up by three percent compared to the previous month, according to the country's central bank.
The UAE Central Bank said that by providing personal and corporate finance facilities, UAE banks "continue to play a dynamic role in establishing a robust economic development process".
It also said in a report cited by state news agency WAM that total bank reserves rose to AED258.4 billion.
The banking sector boosted its total investment value to AED296.5 billion, an increase of AED4.4 billion from AED292.1 billion in January, the report added.
It also highlighted that banking capital and reserves rose from AED350.7 billion in January to AED351.3 billion in February.