UAE consumer loans climb 47%
Consumer loans in the UAE soared almost 47% in the year to March as the second-largest Arab economy slashed interest rates in line with the US, central bank data showed on Sunday.
Consumer lending in the UAE has doubled in the last four years, during which time oil prices have risen almost six-fold, helping drive economies in the world's biggest oil-exporting region.
Loans to individuals in the world's fifth-largest oil exporter rose to 48.41 billion dirhams ($13.18 billion) on March 31, compared with 32.95 billion dirhams a year earlier, the UAE central bank said on its website.
Outstanding consumer loans rose 11.4% in the first quarter, with an addition of 4.95 billion dirhams of outstanding loans in the three-month period, the data showed.
Like other Gulf states, the UAE pegs its dirham to the dollar and has tracked seven rate cuts by the US Federal Reserve totalling 3.25% since September 18. Banks have reduced some borrowing costs to reflect the monetary easing.
Source
Consumer lending in the UAE has doubled in the last four years, during which time oil prices have risen almost six-fold, helping drive economies in the world's biggest oil-exporting region.
Loans to individuals in the world's fifth-largest oil exporter rose to 48.41 billion dirhams ($13.18 billion) on March 31, compared with 32.95 billion dirhams a year earlier, the UAE central bank said on its website.
Outstanding consumer loans rose 11.4% in the first quarter, with an addition of 4.95 billion dirhams of outstanding loans in the three-month period, the data showed.
Like other Gulf states, the UAE pegs its dirham to the dollar and has tracked seven rate cuts by the US Federal Reserve totalling 3.25% since September 18. Banks have reduced some borrowing costs to reflect the monetary easing.
Source
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