According to the latest figures from the Central Bank of the UAE, savings deposits in the UAE’s banking sector, excluding interbank deposits, saw an influx of approximately Dh13.8 billion during the initial quarter of this year. The data indicates that by the end of March 2024, savings deposits had climbed to Dh286.67 billion, marking an 8.9% annual rise or Dh23.5 billion increase from the Dh263.14 billion recorded in March 2020. On a monthly basis, these deposits grew by 3% or Dh8.3 billion, from Dh278.37 billion in February. Additionally, they surged by 5.1% during the first quarter of 2024, compared to Dh272.8 billion at the end of 2023.
Demand deposits also experienced a significant boost, reaching Dh1.056 trillion by the end of March, reflecting a 15.02% annual increase from Dh918.9 billion in March 2023, a Dh138 billion rise. Monthly growth was modest at 0.09%, or Dh1 billion, from Dh1.05 trillion in February. The first quarter of this year saw an increase of Dh37.5 billion or 3.7%, from Dh1.019 trillion at the end of last year. The breakdown of demand deposits showed Dh757.78 billion in UAE dirhams, constituting 71.7%, and Dh299.2 billion in foreign currencies, making up 28.3%.
Time deposits, as reported by the Central Bank’s bulletin, stood at Dh840.1 billion by the end of March, up 27.4% annually from Dh659.6 billion in March 2023, a Dh180.5 billion increase. UAE dirhams dominated with a 57.5% share or Dh483 billion, while foreign currencies accounted for 42.5% or Dh357.1 billion.
