Savings deposits in the banking sector in the UAE hit AED265.6 billion by the end of October 2023, according to the latest statistics from the UAE Central Bank.
This, however, excludes interbank deposits. The apex bank’s statistics showed that savings deposits increased by 7.8 percent on an annual basis, equivalent to AED19.13 billion, compared to AED246.48 billion in October 2022.
The local currency, the dirham, accounted for the largest share of savings deposits, with about 82 percent, or AED218.85 billion.
The share of foreign currencies was 18 percent, with a value of AED46.76 billion.
Demand deposits also rose to AED970.28 billion at the end of October 2023, with an annual growth rate of 5.6 percent. Deposits in dirham accounted for 71 percent and foreign currencies accounted for the remaining 29 percent of the demand deposits.
Time deposits reached AED739.97 billion at the end of October 2023, registering an increase of 32.4 percent on an annual basis, with deposits in dirham accounting for 58 percent, or AED431.5 billion, and foreign currencies accounting for 42 percent.
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