UAE banking sector witnesses 10% growth in savings deposits
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Savings deposits in the UAE banking sector, excluding interbank deposits, attracted around AED 25 billion to reach AED 270.48 billion at the end of January 2024, compared to around AED 245.54 billion in January 2024. 2023, with an annual growth of 10.2 percent, according to the latest statistics from the Central Bank of the UAE (CBUAE).
The local currency, the dirham, accounted for the largest proportion of savings deposits, around 82 percent or AED 222.01 billion, while the proportion of foreign currencies amounted to 18 percent or AED 48.4 billion.
Savings deposits in banks have followed a steady upward trajectory in recent years, rising from AED 152 billion at the end of 2018 to AED 172.2 billion in 2019, and reaching AED 215.2 billion in 2020, AED 241.8 billion in 2021 and 245.8 billion in 2022.
Demand deposits increased to AED 1,001 trillion by the end of January 2024, with an annual growth rate of 9.5 percent compared to AED 914.74 billion in January 2023, an increase equivalent to AED 86.6 billion.
Total demand deposits comprised AED 720.55 billion in local currency, the dirham, accounting for 72 percent, and around AED 280.8 billion in foreign currency, accounting for 28 percent.
Demand deposits have continued to grow in recent years, rising from AED 577.6 billion at the end of 2018 to AED 599.6 billion at the end of 2019, AED 696.8 billion at the end of 2020, AED 848 billion in 2021 and 907. 3. billion in 2022.
According to the of the central bank According to the bulletin, term deposits reached AED 796.9 billion at the end of January 2024, an increase of 30.3 percent year-on-year compared to approximately AED 611.69 billion in January 2023, an increase of AED 185.2 billion. AED.
The local currency, the dirham, accounted for the majority of term deposits, around 60 percent or AED 474.88 billion, while the share of foreign currencies amounted to around 40 percent or AED 322.04 billion.
News source: Emirates News Agency
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