The UAE has witnessed credit growth, and that positive development will help the country’s economy continues to diversify, according to a latest study by Dubai Economic Council, or DEC.
“There is a need for monetary policy and regulation to be countercyclical in order to try to smooth the cycle and its impact on economic activity,” according to the DEC’s working paper entitled “Monetary policy: Constraints and measures”.
The study said that credit in the UAE has been growing both in absolute terms and as a percentage of GDP. This is a positive development that will intensify as the UAE economy continues to diversify, and as its financial markets and banking sector develop further.
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