According to Central Bank of the UAE statistics, UAE banks hold more than $67B in savings deposits. Saving deposits in the UAE banking system, excluding interbank deposits, increased to AED 246.61B ($67B) at the end of November last year, an increase of approximately AED 7.21B ($2B), or 3%, from approximately AED 239.4B ($65B) in November 2021.
Saving deposits increased by 1.98% in the first eleven months of 2022, compared to around AED 241.82B ($65.8B) at the end of 2021, an increase of AED 4.8B ($1.3B). According to the apex bank’s statistics, they increased by 0.06% on a monthly basis, to approximately AED 246.48B ($67B) in October 2022.
Demand deposits increased by AED 820.83B ($223B), or 82.5%, to AED 903.36B ($246B) at the end of November last year, representing a 10.1% annual increase. Demand deposits increased by 6.5%, or AED 55.3B ($15B), in the first eleven months of last year, compared to AED 848.04B ($231B) at the end of 2021.
However, they fell by 1.7% month on month to AED 918.97B ($250.2B) in October 2022, according to Arabian Business. Time deposits increased by 17% year on year to AED 599.81B ($163.3B) at the end of November, up from AED 513.16B ($140B) in November 2021. According to the Central Bank’s most recent statistics, UAE bank investments will have surpassed AED 511B ($139B) by the end of November 2022.
