Banks in the UAE issued AED 19 billion (USD 5 billion) in credit to the economy during April, according to newly published data from the Central Bank.
Following AED28.5 billion in loans issued in March, the April credit growth brought the two-month total to AED47 billion.
According to the Central Bank’s monthly statistical report, total domestic credit rose by 1% compared to the previous month, reaching AED1.9 trillion.
Business and industrial sectors accounted for the majority of April’s lending at AED13.3 billion, while individuals received AED4.1 billion.
Government borrowing reached AED800 million, and credit extended to non-residents stood at AED200 million.
This increase in credit issuance occurred despite a slight rise in interest rates, with the Central Bank maintaining its overnight deposit facility rate at 5.4% in April.
