UAE Central Bank says demand for credit in downtrend during the fourth quarter

Demand for credit in the UAE was in a downtrend during the fourth quarter of last year, the country’s 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.

More to follow.

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