UAE Central Bank figures reveal 9% in savings held by the country's lenders compared to the end of 2018
Savings account balances at UAE banks hit a record of about AED165.8 billion ($45.1 billion) during the first seven months of the year, it has been announced.
The 9 percent growth of AED13.8 billion compared to the end of 2018 was revealed by the Central Bank of the UAE.
Savings accounts made up 11.4 percent of the total deposits held by UAE banks which amounted to AED1.4 trillion by the end of July, state news agency WAM reported.
Savings in UAE dirhams comprised over 60 percent of the total savings, according to CBUAE's statistics.
The month of May saw the highest growth in savings (AED8.4 billion) with Q1 witnessing an increase of AED4 billion.
UAE national banks hold the lion's share of savings while savings held by UAE-based foreign banks reached AED16.3 billion so far in 2019.