263 billion dirhams of savings deposits in the banking sector at the end of last March

Abu Dhabi, June 14: Savings deposits in the banking sector in the country, excluding interbank deposits, exceeded 263 billion dirhams at the end of last March, according to the latest statistics of the UAE Central Bank.

The “Central” statistics indicated that savings deposits amounted to 263.14 billion dirhams at the end of last March, an increase of 7.4% on a monthly basis, or the equivalent of 18.1 billion dirhams, compared to 245.01 billion dirhams last February.

Savings deposits in banks increased on an annual basis by 4.7%, equivalent to 11.8 billion dirhams, compared to 251.33 billion dirhams in March 2022.

According to the statistics, the local currency, the “dirham”, accounted for the largest share of savings deposits by about 80.4%, or 211.6 billion dirhams, while the share of foreign currencies amounted to 19.6%, with a value of 51.52 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 indicated that demand deposits rose to 918.95 billion dirhams at the end of last March, with an annual growth rate of 3.25%, compared to 890.02 billion dirhams in March 2022, an increase equivalent to 28.9 billion dirhams, and were distributed by 659.64 billion dirhams in the local currency “dirham”, with a share equal to 71.8 %, and about 259.3 billion dirhams in foreign currencies, or 28.2%.

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 659.63 billion dirhams at the end of last March, an increase on an annual basis of 29.5%, compared to about 509.54 billion dirhams in March 2022, an increase equivalent to 150.1 billion dirhams, and time deposits increased on a monthly basis by 3.45% or so. Equivalent to 22 billion dirhams, compared to about 637.61 billion dirhams last February, and the share of the local currency “dirham” in term deposits amounted to about 58.8%, or an amount of 387.56 billion dirhams, while the share of foreign currencies amounted to about 41.2%, at a value of 272.06 billion dirhams.