AED 55.5 billion surplus of non-resident deposits on their loans

MEDIA, Abu Dhabi, June 4, 2018 (WAM)
The latest statistics from the UAE Central Bank showed that the value of deposits of non-residents within the country from banks’ customers exceeded 55.5 billion dirhams at the end of April.
Interest rates have increased during the past year and have continued to increase since the beginning of 2018, which encouraged the injection of liquidity in the banking system to invest in particular, so as to achieve guaranteed returns in light of the instability experienced by other investment channels.
Central bank statistics show that the total value of non-resident deposits reached about 191 billion dirhams at the end of April compared to 135.5 billion dirhams for loans or financial facilities.
Banking sector experts expected the banking system to continue to attract more customers’ deposits both inside and outside the country in the coming months, pointing out that the increase in interest rates encourages investment in bank deposits, which have become good returns compared to other investment instruments.
Non-resident deposits account for 11.5% of the bank’s total deposit balance of AED 1.66 trillion at the end of April