UAE banks’ savings deposits at Dhs268.6bn for June 2023

Image credit: WAM

Banks in the UAE held savings deposits to the tune of Dhs268.6bn by the end of June 2023, according to the latest statistics released by the Central Bank of the UAE (CBUAE). This does not include interbank deposits, as per state news agency WAM.

The central bank’s statistics showed these deposits increased by 5.8 per cent on a monthly basis or Dhs14.8bn.

Savings in UAE Dirhams

The local currency, the UAE Dirham, accounted for the largest share of savings deposits, with about 81.6 percent, or Dhs219.17bn. The share of foreign currencies was 18.4 per cent, with a value of Dhs49.44bn.

Savings deposits in banks have seen remarkable growth over the past few years.

In 2018, these deposits stood at Dhs152bn. This increased to Dhs172.2bn in 2019, Dhs215.2bn in 2020, Dhs241.8bn in 2021, and Dhs245.8bn in 2022.

CBUAE’s deposits

Earlier this month the CBUAE reported its budget for the first half of the year. The central bank’s public budget surged by 32.15 per cent, equivalent to Dhs158bn, in contrast to some Dhs91.4bn in June 2022.

This momentum extended into the current year with a 17.5 per cent rise since the start of the year, compared to some Dhs552.5bn at the end of December 2022, an increment of Dhs97bn during the year’s first half.

The budget’s allocation delineated on the assets side, which saw Dhs257.2bn apportioned to cash and bank balances for June. Additionally, investments held until maturity were earmarked at Dhs211.32bn, while deposits accounted for Dhs135.34bn.

Loans and advances received an allocation of Dhs4.18bn, and other assets were assigned Dhs41.38bn.