Savings Deposits held by banks in the UAE, excluding interbank deposits, reached a total of AED 268.6B by the conclusion of June 2023, as per the most recent data released by the Central Bank of the UAE. The statistics provided by the central bank indicate that these deposits experienced a 5.8 percent increase on a monthly basis, equivalent to AED 14.8B, according to WAM.
Out of these Savings Deposits, the UAE AED, the local currency, constituted the largest portion, making up approximately 81.6 percent or AED 219.17B. Foreign currencies, totaling AED 49.44 billion, accounted for the remaining 18.4 percent.
Over the last several years, Savings Deposits within banks have displayed noteworthy growth.The remaining 18.4 percent consisted of foreign currencies, amounting to AED 49.44 billion. This figure rose to AED 172.2B in 2019, AED 215.2B in 2020, AED 241.8B in 2021, and AED 245.8B in 2022.
The Central Bank of the United Arab Emirates (CBUAE) assumes a crucial dual role as the supervisory and regulatory authority for the banking and insurance sectors. Its overarching mission encompasses the promotion of financial and monetary stability, bolstering the efficiency and resilience of the financial system, and ensuring consumer protection through effective supervision. This framework, driven by the CBUAE, serves to facilitate economic growth to the advantage of both the UAE and its citizens.
