The Central Bank of the UAE (CBUAE) reported that customers deposited AED 13.8B ($3.76B) into savings accounts during the first quarter of this year.
Central Bank data revealed that savings deposits in the banking sector reached AED 286.67B ($78.06B) by the end of March 2024, marking an 8.9 percent increase, equivalent to AED 23.5B ($6.4B) compared to March 2020 (approximately AED 263.14B/$71.65B).
Savings deposits grew by AED 8.3B ($2.26B) in February, rising nearly 3 percent, and by 5.1 percent over the first three months of 2024. The total savings deposits stood at AED 272.8B ($74.28B) at the end of 2023.
Demand Deposits increased to AED 1.056T ($287.54B) by the end of March, with an annual growth rate of 15.02 percent, compared to AED 918.9B in March 2023, an increase of AED 138B.
Demand Deposits have shown consistent growth over the past years, rising by 82.82 percent compared to the end of 2018 (AED 577.6B). They increased to AED 599.6B at the end of 2019, AED 696.8B at the end of 2020, AED 848B in 2021, and AED 907.3B in 2022.
The UAE dirham dominated the Demand Deposits distribution, accounting for AED 757.78B, or 71.7 percent. Foreign currencies comprised the remaining AED 299.2B.
The Central Bank also noted that Time Deposits reached AED 840.1B ($228.75B) by the end of March, with an annual rise of about 27.4 percent compared to approximately AED 659.6B ($179.6B) in March 2023.
The dirham once again accounted for the largest share of Time Deposits at about 57.5 percent, or AED 483B ($131.52B).
