According to the Central Bank of the UAE, savings deposits in the UAE's banking sector, excluding interbank deposits, attracted approximately Dh13.8 billion during the first quarter of this year. The Central Bank's data indicates that savings deposits in the banking sector amounted to Dh286.67 billion by the end of March 2024, marking an 8.9% increase or Dh23.5 billion year-over-year from Dh263.14 billion in March 2020. On a monthly basis, savings deposits rose by 3% or Dh8.3 billion, from Dh278.37 billion in February. Additionally, they increased by 5.1% during the first quarter of this year compared to Dh272.8 billion at the end of 2023.
Demand deposits surged to Dh1.056 trillion by the end of March, showing an annual growth of 15.02% from Dh918.9 billion in March 2023, an increase of Dh138 billion. Monthly growth was 0.09%, equivalent to Dh1 billion, from Dh1.05 trillion in February. The first quarter also saw an increase of Dh37.5 billion or 3.7% from Dh1.019 trillion at the end of last year. The distribution of demand deposits was Dh757.78 billion in UAE dirhams (71.7%) and Dh299.2 billion in foreign currencies (28.3%). Demand deposits have consistently grown, rising from Dh577.6 billion in 2018 to Dh599.6 billion in 2019, Dh696.8 billion in 2020, Dh848 billion in 2021, and Dh907.3 billion in 2022.
Time deposits reached Dh840.1 billion by the end of March, showing an annual increase of about 27.4% from Dh659.6 billion in March 2023, an increase of Dh180.5 billion. The UAE dirham comprised the largest portion of time deposits at 57.5% or Dh483 billion, with foreign currencies making up the remaining 42.5% or Dh357.1 billion.
