AED 165.8 billion savings funds with the banking system

04-09-2019 / WAM
The balance of savings accounts with the UAE banking system continued to rise, surpassing a record high of AED 165.8 billion in the first seven months of 2019, up 9% from AED 13.8 billion compared to AED 152 billion at the end of 2018.
The savings accounted for 11.4% of the total deposits with the banking system, which reached AED 1.446 trillion at the end of July of this year.
The continued increase in the balance of savings accounts with the UAE banking system is an indication of the high appetite for saving among citizens and residents in the UAE against the decline in consumer behavior.
Savings in the local currency (dirhams) accounted for more than 60% of the total savings balance and amounted to nearly 140.7 billion dirhams by the end of July, while the savings in foreign currency amounted to 25.1 billion dirhams, according to statistics issued by the UAE Central Bank.
In May this year, the biggest growth in the balance of savings accounts increased by 8.4 billion dirhams.
National banks accounted for the bulk of the savings funds with a balance of 149.6 billion dirhams at the end of July, including 131.27 billion in local currency and about 18.3 billion in foreign currency, central bank figures show.
As for the level of savings in foreign banks operating in the country, the balance amounted to 16.3 billion dirhams since the beginning of 2019 until the end of July, according to statistics of the Central Bank.
It is noteworthy that banks operating in the country are working through the incentives offered by the large to attract more savings funds, where they provide rewarding returns to customers in addition to valuable prizes.