Friday, May 24, 2024
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Dhs25 Billion More in new Savings Deposits are Made in the Banking Sector

According to the most recent statistics from the Central Bank of the UAE (CBUAE), savings deposits in the UAE’s banking sector, excluding interbank deposits, attracted about Dhs25 billion to reach Dhs270.48 billion at the end of January 2024, compared to about Dhs245.54 billion in January 2023. This represents an annual growth of 10.2 percent. The dirham, the region’s currency, made up the most significant portion of savings deposits—roughly 82%, or Dhs222.01 billion—while foreign currencies made up 18%, or Dhs48.4 billion.

The Demand Deposits increased to Dhs1.001 trillion at the end of January 2024, with an annual growth rate of 9.5 percent compared to Dhs914.74 billion in January 2023, an increase equivalent to Dhs86.6 billion.

Bank savings deposits have increased steadily over the past few years, starting at Dhs152 billion at the end of 2018 and going up to Dhs172.2 billion in 2019, Dhs215.2 billion in 2020, Dhs241.8 billion in 2021, and Dhs245.8 billion in 2022.

At the end of January 2024, demand deposits totaled Dhs1.001 trillion, representing a 9.5 percent annual growth rate from Dhs914.74 billion in January 2023—an increase of Dhs86.6 billion.

Demand Deposits continued to grow in recent years, rising from Dhs577.6 billion at the end of 2018 to Dhs599.6 billion at the end of 2019, Dhs696.8 billion at the end of 2020, Dhs848 billion in 2021, and Dhs907.3 billion in 2022.

According to the Central Bank’s bulletin, Time Deposits reached Dhs796.9 billion at the end of January 2024, a 30.3 percent annual increase compared to about Dhs611.69 billion in January 2023, an increase of Dhs185.2 billion.

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Friday, May 24, 2024

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