2023-08-24 05:20:53
Thursday, August 24, 2023 – 9:17 am
ABU DHABI, 24 August / WAM / Savings deposits in the banking sector in the country, excluding interbank deposits, reached 268.6 billion dirhams at the end of last June, according to the latest statistics of the UAE Central Bank.
And the “Central” statistics indicated that savings deposits increased on an annual basis by 5.8%, or the equivalent of 14.8 billion dirhams, compared to about 253.8 billion dirhams in June 2022, while they increased during the first half of this year by more than 22.7 billion dirhams, or 9.25% compared to About 245.87 billion dirhams at the end of last year.
According to the statistics, the local currency, the “dirham”, accounted for the largest share of savings deposits by about 81.6%, or 219.17 billion dirhams, while the share of foreign currencies amounted to 18.4%, with a value of 49.44 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 showed that demand deposits rose to 955.43 billion dirhams at the end of last June, with an annual growth rate of 5%, compared to 909.98 billion dirhams in June 2022, an increase equivalent to 45.4 billion dirhams.
Demand deposits were distributed at 676.42 billion dirhams in the local currency “dirham”, with a share equivalent to 70.8%, and about 279 billion dirhams in foreign currencies, with a rate of 20.2%.
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 678.84 billion dirhams at the end of last June, an increase on an annual basis of 23.2%, compared to about 551.05 billion dirhams in June 2022, an increase equivalent to 127.8 billion dirhams, while they increased during the first half of this year by 10.7%. Or the equivalent of 65.8 billion dirhams, compared to 613.02 billion dirhams at the end of last year.
The local currency “dirham” got the largest share of time deposits by about 59.6%, or the value of 404.47 billion dirhams, while the share of foreign currencies amounted to about 40.4%, with a value of 274.36 billion dirhams.
Dina Omar / Ramy Samih
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