Dubai, UAE – Savings Deposits in the banking sector in the UAE, excluding interbank deposits, hit $71.87 billion by the end of October 2023, showing an annual increase of 7.8 percent, equivalent to about $5.17 billion, compared to approximately $66.59 billion in October 2022.
The local currency, the dirham, accounted for the largest share of Savings Deposits, with around 82 percent, which is $59.12 billion. The share of foreign currencies was 18 percent, amounting to $12.61 billion.
Demand Deposits rose to $262.77 billion at the end of October 2023, with an annual growth rate of 5.6 percent, equivalent to an increase of $13.85 billion from around $248.92 billion in October 2022.
Demand Deposits were distributed as follows: Local currency (dirham) $175 billion (71 percent) and foreign currencies is $70.6 billion (29 percent)
Demand Deposits have also seen steady growth over the past few years. In 2018, these deposits stood at $162.5 billion, before increasing to $188.5 billion in 2020, $229.6 billion in 2021, and $245.5 billion in 2022. By October 2023, they reached $200.5 billion, rising by 32.4 percent annually from $151.5 billion in October 2022.
The share of the local currency (dirham) in Time Deposits was 58 percent, amounting to $116.7 billion. The share of foreign currencies was 42 percent, valued at $83.5 billion.
