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UAE banking sector witnesses growth in savings deposits

The local money, the dirham, accounted for the most significant share of savings deposits, with approximately 82 percent.

The local money, the dirham, accounted for the most significant share of savings deposits, with approximately 82 percent.

Surge in Savings Deposits

As per the UAE Central Bank’s recent statistics, the banking sector in the UAE recorded a significant upsurge in savings deposits, reaching AED265.6 billion by October 2023. 

Notably, these figures exclude interbank deposits, showcasing a 7.8% annual increase equating to AED19.13 billion, in contrast to AED246.48 billion reported in October 2022.

Currency Composition

The data reveals that the local currency, the dirham, dominated the savings deposit landscape, comprising approximately 82% of the total amount. Specifically, dirham-based savings deposits accounted for AED218.85 billion, illustrating the prevalent preference for the domestic currency among depositors.

The substantial growth in savings deposits underscores a positive trend in the UAE’s banking sector, signifying increased financial prudence and confidence among depositors in the region.

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