Dubai, UAE – Savings deposits held by UAE banks, excluding interbank deposits, totaled approximately $73.01 billion (AED268.6 billion) by the end of June 2023. According to the latest data from the Central Bank of the UAE, these deposits experienced a monthly growth rate of 5.8%, equivalent to an increase of around $4.02 billion (AED14.8 billion).
Breaking down the composition of these savings deposits, the UAE Dirham accounted for the largest portion, constituting about 81.6% of the total, which is approximately $178.71 billion (AED219.17 billion). The remaining 18.4% was in foreign currencies, equivalent to approximately $13.54 billion (AED49.44 billion).
Savings deposits in UAE banks have witnessed remarkable expansion over the past years. In 2018, these deposits were recorded at around $41.40 billion (AED152 billion). Subsequently, they increased to $46.81 billion (AED172.2 billion) in 2019, $58.66 billion (AED215.2 billion) in 2020, $65.86 billion (AED241.8 billion) in 2021, and $66.90 billion (AED245.8 billion) in 2022.