263 billion in savings deposits in the banking sector at the end of last March

According to the latest figures from the UAE Central Bank, savings deposits in the country’s banking sector, excluding interbank deposits, exceeded 263 billion dirhams at the end of March.

Savings deposits at the end of last March were 263.14 billion dirhams, an increase of 7.4% on a monthly basis, or equivalent to 18.1 billion dirhams compared to 245.01 billion dirhams last February, the “central” statistics indicated.

Savings deposits in banks increased by 4.7% year-on-year to 11.8 billion dirhams, compared to 251.33 billion dirhams in March 2022.

According to statistics, the local currency “dirham” has the largest share of savings deposits with 80.4% or 211.6 billion dirhams, while the share of foreign currencies was 19.6%, worth 51.52 billion dirhams. .

Savings deposits in banks have seen significant growth over the past years, increasing from 152 billion dirhams at the end of 2018 to 172.2 billion dirhams in 2019, 215.2 billion dirhams and 241.8 billion dirhams in 2020, 241.8 billion dirhams and 82 billion dirhams in 2021.

Statistics indicate that demand deposits rose to 918.95 billion dirhams at the end of March last year, an increase of 28.9 billion dirhams and distributed by 659, with an annual growth rate of 3.25%, compared to 890.02 billion dirhams in March 2022. Dirhams in the local currency “dirham”, the share is 71.8 %, and in foreign currencies about 259.3 billion dirhams or 28.2%.

Demand deposits have continued to increase over the past years, from 577.6 billion dirhams at the end of 2018 to 599.6 billion dirhams at the end of 2019, 696.8 billion dirhams at the end of 2020, 848 billion dirhams in 2021, 848 billion dirhams in 2021, and 2022.

According to the Central Bank’s bulletin, it reached 659.63 billion dirhams at the end of last March, an increase of 29.5% year-on-year, compared to 509.54 billion dirhams in March 2022, an increase equal to 150.1 billion dirhams and time. Deposits increased by 3.45% on a monthly basis. It is equal to 22 billion dirhams compared to 637.61 billion dirhams in the previous February, and the share of local currency “dirham” time deposits is about 58.8% or an amount of 387.56 billion dirhams, the share of foreign currencies is about 41.2% of the value of 272.06 billion dirhams.