13.8 billion dirhams in new financial savings deposits within the banking sector

Abu Dhabi (WAM)

Financial savings deposits within the nation’s banking sector, excluding interbank deposits, attracted 13.8 billion dirhams within the first quarter of this yr, based on the most recent statistics from the UAE Central Financial institution, which confirmed that financial savings deposits within the banking sector reached 286.67 billion dirhams on the finish of March final yr, a rise over an annual foundation of 8.9%, or equal to 23.5 billion dirhams, in comparison with roughly 263.14 billion dirhams in March 2020.
Financial savings deposits on the finish of March final month elevated by 3%, or equal to eight.3 billion dirhams, in comparison with about 278.37 billion dirhams in February, whereas they elevated within the first quarter of this yr by 5.1% in comparison with about 272.8 billion dirhams on the finish of final yr 2023. Based on statistics, the native foreign money, the “dirham,” was the biggest share of financial savings investments at about 83.3% , or the worth of 238.7 billion dirhams, whereas the share of foreign exchange got here to 16.7%, or the worth of 47.92 billion dirhams.
Financial savings deposits in banks have seen a outstanding development over the past years, rising from 152 billion dirhams on the finish of 2018 and reaching 172.2 billion dirhams in 2019, 215.2 billion dirhams in 2020, 241.8 billion dirhams in 2021, and a couple of billion dirhams in 2018. .
Statistics confirmed that demand deposits rose to 1.056 trillion dirhams on the finish of March final yr, with an annual development of 15.02%, in comparison with 918.9 billion dirhams in March 2023, a rise equal to 138 billion dirhams.
Demand deposits per 30 days elevated by 0.09%, or the identical as a billion dirhams, in comparison with about 1.05 trillion dirhams within the earlier February, whereas they elevated within the first quarter of this yr by about 37.5 billion dirhams, or 3.7%, in comparison with 1.019 trillion dirhams on the finish of final yr.
Demand deposits have been distributed at 757.78 billion dirhams within the native foreign money, the dirham, with a share equal to 71.7%, and about 299.2 billion dirhams in foreign exchange, with a share of 28.3%.
Demand deposits continued to develop over the previous years, rising from 577.6 billion dirhams on the finish of 2018 to 599.6 billion dirhams on the finish of 2019, 696.8 billion dirhams on the finish of 2020, 848 billion dirhams in 2021, and 907 in dirhams . 2022. Based on the Central Financial institution bulletin: time period deposits reached 840.1 billion dirhams on the finish of March final yr, an annual enhance of about 27.4% in comparison with about 659.6 billion dirhams in March 2023, a rise equal to 180.5 billion dirhams.
Time period deposits per 30 days elevated by 2.8%, or equal to 22.9 billion dirhams, in comparison with roughly 817.2 billion dirhams within the earlier February, whereas they peaked within the first quarter of this yr by roughly 7.6%, co- equal to 59.2 billion dirhams , in comparison with roughly 780.9 billion dirhams on the finish of final yr.
The native foreign money, the dirham, had the biggest share of time period deposits at round 57.5%, or a price of 483 billion dirhams, whereas the share of foreign exchange reached round 42.5%, with a price of 357.1 billion dirhams.