Savings deposits in the UAE banking sector, excluding interbank deposits, reached AED 265.6B by October 2023, as per the latest data from the UAE Central Bank.
The Central Bank’s figures indicate a 7.8 percent annual growth in savings deposits, amounting to AED 19.13B, compared to AED 246.48B in October 2022.
The predominant share of savings deposits, approximately 82 percent or AED 218.85B, was denominated in the local currency, the dirham. Foreign currencies constituted 18 percent, totaling AED 46.76B.
The trajectory of savings deposits exhibits substantial growth in recent years, starting at AED 152B in 2018, rising to AED 172.2B in 2019, AED 215.2B in 2020, AED 241.8B in 2021, and AED 245.8B in 2022.
Demand deposits also experienced an upswing, reaching AED 970.28B by October 2023, with an annual growth rate of 5.6 percent. This represents a year-on-year increase of AED 51.3B from the AED 918.97B recorded in October 2022. The distribution of demand deposits is as follows:
- Local currency (dirham): AED 646.42B (71 percent)
- Foreign currencies: AED 260.9B (29 percent)
Demand deposits have displayed consistent growth in recent years, starting at AED577.6 billion in 2018, escalating to AED 599.6B in 2019, AED 696.8B in 2020, AED 848B in 2021, and AED 907.3B in 2022.
As reported in the Central Bank’s bulletin, time deposits reached AED 739.97B by the end of October 2023. This reflects a 32.4 percent annual increase, equivalent to AED 181B from AED 559.02B in October 2022, according to WAM.
The local currency (dirham) constituted 58 percent of time deposits, amounting to AED 431.5B, while foreign currencies comprised 42 percent, totalling AED 308.48B.
