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UAE banking sector sees USD 3.76 billion in new savings deposits in Q1 2024

At the end of March 2024, savings deposits in the banking sector reached AED AED28667 billion, indicating an 8.9 per cent increase compared to about AED AED263.14 billion in March 2020

The latest statistics from the Central Bank of the UAE (CBUAE) show that savings deposits in the UAE’s banking sector, excluding interbank deposits, increased by about AED 13.8 billion in the first quarter of this year.

At the end of March 2024, savings deposits in the banking sector reached AED AED28667 billion, indicating an 8.9 per cent increase compared to about AED AED263.14 billion in March 2020.

Compared to February, savings deposits at the end of March 2024 increased by 3 per cent, equivalent to AED 8.3 billion. They also increased by 5.1 per cent during the first quarter of this year compared to about AED AED272.8 billion at the end of 2023.

The latest statistics show that demand deposits reached AED 1.056 trillion by the end of last March, marking a 15.02% annual increase compared to AED 918.9 billion in March 2023, equivalent to an increase of AED 138 billion.

On a monthly basis, demand deposits increased by 0.09%, or AED 1 billion, compared to approximately AED 1.05 trillion in the previous February. During the first quarter of this year, demand deposits rose by about AED 37.5 billion or 3.7% compared to AED 1.019 trillion at the end of last year.

The breakdown of demand deposits is as follows: AED AED757.78 billion in the local currency “dirham,” representing 71.7%, and approximately AED AED299.2 billion in foreign currencies, representing 28.3%.

Demand Deposits have shown consistent growth in recent years, increasing from AED 577.6 billion at the end of 2018 to AED 599.6 billion by the end of 2019, AED 696.8 billion by the end of 2020, AED 848 billion by 2021, and AED 907.3 billion by 2022.

According to the Central Bank’s bulletin, Time Deposits reached AED 840.1 billion at the end of March, marking a significant annual rise of approximately 27.4 per cent from about AED 659.6 billion in March 2023—an increase of AED 180.5 billion.

Among Time Deposits, the local currency, the dirham, dominated with a share of approximately 57.5 per cent or AED 483 billion, while foreign currencies accounted for about 42.5 per cent or AED 357.1 billion.

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