2023-08-24 22:05:42
Savings deposits in the banking sector in the country, excluding interbank deposits, amounted to 268.6 billion dirhams at the end of last June, according to the latest statistics of the UAE Central Bank.
The “Central” statistics showed 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 during June 2022, while they increased during the first half of this year by more than 22.7 billion dirhams, or what It increased by 9.25%, compared to 245.87 billion dirhams at the end of last year.
According to the statistics, the local currency (dirham) accounted for the largest share of “savings deposits” by about 81.6%, or a value of 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, rising from 152 billion dirhams at the end of 2018 to 172.2 billion dirhams in 2019, 215.2 billion dirhams in 2020, and 241.8 billion dirhams in 2021, amounting to 245.8 billion dirhams. billion dirhams in 2022.
The statistics also showed that “demand deposits” rose to 955.43 billion dirhams at the end of last June, a growth of 5% on an annual basis, 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 (dirhams), with a share equivalent to 70.8%, and about 279 billion dirhams in foreign currencies, at a rate of 20.2%. And “demand deposits” continued to grow during the past years, increasing from 577.6 billion dirhams at the end of 2018 to 599.6 billion dirhams at the end of 2019, and 696.8 billion dirhams at the end of 2020, reaching 848 billion dirhams in 2021, and reaching 907.3 billion dirhams in 2022. .
“Term Deposits”
Term deposits reached 678.84 billion dirhams at the end of last June, an increase of 23.2% on an annual basis, compared to about 551.05 billion dirhams in June 2022, an increase equivalent to 127.8 billion dirhams, while it increased during the first half of this year by 10.7%, or the equivalent. 65.8 billion dirhams, compared to 613.02 billion dirhams at the end of last year. The local currency (dirham) accounted for the largest share of “time deposits” by about 59.6%, or a 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.
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