As of January 20,24, savings deposits in the banking sector of the United Arab Emirates (UAE), excluding interbank deposits, had drawn approximately Dhs25 billion to reach Dhs270.48 billion, up from roughly Dhs245.54 billion in January 2023. This represents an annual growth rate of 10.2 percent. The data comes from the Central Bank of the UAE (CBUAE).
About 82 percent of Dhs222.01 billion of savings deposits were made in local currency, the dirham, while only 18 percent, or Dhs48.4 billion, were made in foreign currencies.
Bank savings deposits have increased steadily over the past few years, starting at Dhs152 billion at the end of 2018 and going up to Dhs172.2 billion in 2019, Dhs215.2 billion in 2020, Dhs241.8 billion in 2021, and Dhs245.8 billion in 2022.
At the end of January 2024, demand deposits totaled Dhs1.001 trillion, representing a 9.5 percent annual growth rate from Dhs914.74 billion in January 2023—an increase of Dhs86.6 billion. The entire amount of demand deposits was approximately Dhs280.8 billion in foreign currencies (28 percent) and Dhs720.55 billion in the native currency, the dirham.
Demand deposits have been growing recently, from Dhs577.6 billion at the end of 2018 to Dhs599.6 billion at the end of 2019, Dhs696.8 billion at the end of 2020, Dhs848 billion in 2021, and Dhs907.3 billion in 2022.
The Central Bank’s report states that Time Deposits increased by Dhs185.2 billion to Dhs796.9 billion at the end of January 2024, or 30.3 percent annually, from roughly Dhs611.69 billion in January 2023.
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