(MENAFN – Emirates Information Company (WAM)) ABU DHABI, December 9, 2020 (WAM) – The entire cumulative steadiness of letters of assure issued by banks to different enterprise entities within the UAE has elevated considerably to succeed in AED 248 billion on the finish of January, 2021, from AED 235 billion in November final yr, as statistics from the Central Financial institution of the United Arab Emirates present.
The numerous enhance in credit score services displays the continued enterprise momentum maintained by varied financial sectors of UAE with abroad companions regardless of the worldwide slowdown seen all over the world.
A letter of assure is a kind of contract issued by a financial institution on behalf of a buyer who has entered right into a contract to buy items from a provider. It lets the provider know that they are going to be paid even when the financial institution buyer defaults.
Statistics from the umbrella financial institution predict that company sentiment will enhance additional within the coming months, as efforts to get again to regular started to bear fruit after the lulls in enterprise of the earlier interval.
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