Central Bank of the UAE (CBUAE) has said that customers deposited AED13.8 billion ($3.76 billion) into savings deposits during the first quarter of this year.
Central Bank statistics showed that savings deposits in the banking sector reached AED286.67 billion ($78.06 billion) at the end of March 2024, an increase of 8.9 percent, or the equivalent of AED23.5 billion ($6.4 billion) compared to March 2020 (appx AED263.14 billion/$71.65 billion).
Savings deposits rose by AED8.3 billion ($2.26 billion) for the month of February, up nearly 3 percent, and by 5.1 percent for the first three months of 2024. The total savings deposit was AED272.8 billion ($74.28 billion) at the end of 2023.
Demand Deposits rose to AED1.056 trillion ($287.54 billion) at the end of last March, with an annual growth of 15.02 percent, compared to AED918.9 billion in March 2023, an increase equivalent to AED138 billion.
Demand Deposits have continued to grow over the past years, increasing by 82.82 per cent compared to figures at the end of 2018 (AED577.6 billion). It grew to AED599.6 billion at the end of 2019, AED696.8 billion at the end of 2020, AED848 billion in 2021, and AED907.3 billion in 2022.
UAE dirham dominated the Demand Deposits distribution, accounting for AED757.78 billion, or 71.7 percent. Foreign currencies made up for the rest AED299.2 billion.
Central Bank also added that Time Deposits reached AED840.1 billion ($228.75 billion) at the end of last March, with an annual increase of about 27.4 percent compared to about AED659.6 billion ($179.6 billion) in March 2023.
The dirham once again accounted for the largest share of Time Deposits at about 57.5 percent or AED483 billion ($131.52 billion).
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