Savings Deposits in the banking sector in the UAE, excluding interbank deposits, hit AED265.6 billion by the end of October 2023, according to the latest statistics from the UAE Central Bank.
The apex bank’s statistics showed that savings deposits increased by 7.8 percent on an annual basis, equivalent to AED19.13 billion, compared to AED246.48 billion in October 2022.
The local currency, the dirham, accounted for the largest share of Savings Deposits, with about 82 percent, or AED 218.85 billion. The share of foreign currencies was 18 percent, with a value of AED46.76 billion.
Savings Deposits in banks have seen remarkable growth over the past few years. In 2018, these deposits stood at AED152 billion. This increased to AED172.2 billion in 2019, AED215.2 billion in 2020, AED241.8 billion in 2021, and AED245.8 billion in 2022.
Demand Deposits also rose to AED 970.28 billion at the end of October 2023, with an annual growth rate of 5.6 percent; a YoY increase of AED 51.3 billion, from AED918.97 billion in October 2022. Demand Deposits were distributed as follows:
Local currency (dirham): AED646.42 billion (71 percent)
Foreign currencies: AED260.9 billion (29 percent)
Demand Deposits have also seen steady growth over the past few years. In 2018, these deposits stood at AED577.6 billion, before increasing to AED599.6 billion in 2019, AED696.8 billion in 2020, AED848 billion in 2021, and AED907.3 billion in 2022.
According to the Central Bank’s bulletin, Time Deposits reached AED739.97 billion at the end of October 2023. This was an increase of 32.4 percent on an annual basis, equivalent to AED181 billion from AED559.02 bn in October 2022.
The share of the local currency (dirham) in Time Deposits was 58 percent, or AED431.5 billion. The share of foreign currencies was 42 percent, at a value of AED308.48 billion.
News Source: Emirates News Agency
