UAE savings deposits mark 7.8% annual growth
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Savings deposits in the UAE banking sector, excluding interbank deposits, reached AED 265.6 billion as of the end of October 2023, according to the latest statistics from the UAE Central Bank.
Statistics from the apex bank showed that savings deposits increased by 7.8 percent annually, equivalent to AED 19.13 billion, compared to AED 246.48 billion in October 2022.
The local currency, the dirham, accounted for the majority of savings deposits, at around 82 percent, or AED 218.85 billion. The proportion of foreign currencies was 18 percent, worth AED 46.76 billion.
Savings deposits in banks have experienced notable growth in recent years. In 2018, these deposits amounted to AED 152 billion. This increased to AED 172.2 billion in 2019, AED 215.2 billion in 2020, AED 241.8 billion in 2021 and AED 245.8 billion in 2022.
Demand deposits also increased to AED 970.28 billion by the end of October 2023, with an annual growth rate of 5.6 percent; a year-on-year increase of AED 51.3 billion, from AED 918.97 billion in October 2022. Demand deposits were distributed as follows:
Local currency (dirham): AED 646.42 billion (71 percent)
Foreign currencies: AED 260.9 billion (29 percent)
Demand deposits have also seen steady growth in recent years. In 2018, these deposits amounted to AED 577.6 billion, before increasing to AED 599.6 billion in 2019, AED 696.8 billion in 2020, AED 848 billion in 2021 and AED 907.3 billion in 2022.
According to the central bankAccording to the bulletin, term deposits reached AED 739.97 billion at the end of October 2023. This represented an increase of 32.4 percent year-on-year, equivalent to AED 181 billion from AED 559.02 billion in October 2022.
The share of local currency (dirham) in term deposits was 58 percent, or AED 431.5 billion. The proportion of foreign currencies was 42 percent, worth AED 308.48 billion.
News source: Emirates News Agency
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