Savings deposits in the banking sector in the country, excluding interbank deposits, touched 272 billion dirhams at the end of last May, according to the latest statistics of the UAE Central Bank.
The “Central” statistics indicated that savings deposits reached 271.79 billion dirhams at the end of last May, an increase on a monthly basis of 1.04%, or the equivalent of 2.8 billion dirhams, compared to 268.99 billion dirhams last April.
Savings deposits in banks increased on an annual basis by 8.9%, equivalent to 22.2 billion dirhams, compared to 249.6 billion dirhams in May 2022.
According to the statistics, the local currency, the “dirham”, accounted for the largest share of savings deposits by about 81.7%, or 222.08 billion dirhams, while the share of foreign currencies amounted to 18.3%, with a value of 49.7 billion dirhams.
Savings deposits in banks witnessed a remarkable growth over the past years, increasing from 152 billion dirhams at the end of 2018 to 172.2 billion dirhams in 2019, 215.2 billion dirhams in 2020, 241.8 billion dirhams in 2021, and 245.8 billion dirhams in 2022.
The statistics indicated that demand deposits rose to 947.29 billion dirhams at the end of last May, with an annual growth rate of 7.34% compared to 882.55 billion dirhams in May 2022, an increase equivalent to 64.7 billion dirhams, while it increased on a monthly basis by about 0.3% compared to 944.5 billion dirhams in May. last April.
Demand deposits were distributed at 693.78 billion dirhams in the local currency, the “dirham”, with a share equivalent to 73.2%, and about 253.5 billion dirhams in foreign currencies, at a rate of 26.8%.
Demand deposits continued to grow over the past years, increasing from 577.6 billion dirhams at the end of 2018 to 599.6 billion dirhams at the end of 2019, 696.8 billion dirhams at the end of 2020, 848 billion dirhams in 2021, and 907.3 billion dirhams in 2022.
According to the Central Bank’s bulletin, time deposits reached 717.9 billion dirhams at the end of last May, an increase on an annual basis of 35.8%, compared to about 528.6 billion dirhams in May 2022, an increase equivalent to 189.3 billion dirhams, while it increased on a monthly basis by 8.6%, or the equivalent. 56.7 billion dirhams, compared to 661.2 billion dirhams last April.
And the local currency, the “dirham”, got the largest share of time deposits, at about 55.3%, or the value of 397.03 billion dirhams, while the share of foreign currencies amounted to about 44.7%, at a value of 320.9 billion dirhams.
2023-08-08 20:00:38
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