The latest statistics from the UAE Central Bank revealed that savings deposits in the country’s banking sector, excluding deposits between banks, rose to 265.6 billion dirhams at the end of last October.
Sharjah 24 – WAM:
Savings deposits in the country’s banking sector, excluding interbank deposits, reached 265.6 billion dirhams at the end of last October, according to the latest statistics of the UAE Central Bank.
Central Bank statistics showed that savings deposits increased on an annual basis by 7.8%, or the equivalent of 19.13 billion dirhams, compared to about 246.48 billion dirhams during October 2022, while they increased during the first ten months of the current year by more than 19.7 billion dirhams, or 8% compared to With 245.87 billion dirhams at the end of last year.
According to statistics, the local currency, the dirham, accounted for the largest share of savings deposits, at approximately 82%, or a value of 218.85 billion dirhams, while the share of foreign currencies amounted to 18%, amounting to 46.76 billion dirhams.
Savings deposits in banks have witnessed remarkable growth over the past years, rising from 152 billion dirhams at the end of 2018, reaching 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 showed that demand deposits rose to 970.28 billion dirhams at the end of last October, with an annual growth of 5.6% compared to 918.97 billion dirhams in October 2022, an increase equivalent to 51.3 billion dirhams, while they increased during the first ten months of the current year by about 6.9% or The equivalent of 62.8 billion dirhams, compared to about 907.45 billion dirhams at the end of last year.
Demand deposits were distributed at 646.42 billion dirhams in the local currency, the dirham, with a share equivalent to 71%, and about 260.9 billion dirhams in foreign currencies, with a share of 29%.
Demand deposits continued to grow over the past years, rising 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, term deposits reached 739.97 billion dirhams at the end of last October, an increase on an annual basis of 32.4% compared to about 559.02 billion dirhams in October 2022, an increase equivalent to 181 billion dirhams, while they increased during the first ten months of the current year by 20.7%. %, or the equivalent of 127 billion dirhams, compared to about 613.02 billion dirhams at the end of last year.
The local currency, the dirham, had the largest share of time deposits, at about 58%, or a value of 431.5 billion dirhams, while the share of foreign currencies reached about 42%, with a value of 308.48 billion dirhams.
2023-12-21 19:30:48
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