Government deposits in UAE-based banks hit an all-time-high of AED286 billion ($77.8 billion) at the end of September 2018, the country's Central Bank said on Tuesday.
The Central Bank figures showed that the deposits have risen by AED74 billion in the first nine months of the year.
State news agency WAM said the growth was attributed to rising oil prices, which grew by 35 percent during the past 12 months, reflecting positively on the total assets of the banking sector.
Government fiscal surpluses since the beginning of the year amounted to AED186 billion, according to the Ministry of Finance statistics.
WAM reported that government deposits increased by AED21.2 billion during Q1, a growth of 10 percent as compared to the end of 2017, and by AED17.4 billion during Q2, setting a record rise of AED35.4 billion by the end of Q3.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.