Savings deposits in the UAE banking sector, excluding interbank deposits, increased by approximately Dh25 billion, reaching Dh270.48 billion by the end of January 2024, compared to approximately Dh245.54 billion in January 2023. This marks an annual growth rate of 10.2%, as per the latest statistics from the Central Bank of the UAE (CBUAE).
The dirham constituted the majority share of savings deposits, accounting for around 82% or Dh222.01 billion, while foreign currencies comprised 18% or Dh48.4 billion.
The upward trend in savings deposits has been consistent in recent years, with figures rising from Dh152 billion in 2018 to Dh245.8 billion in 2022.
Demand deposits also witnessed an increase, reaching Dh1.001 trillion by the end of January 2024, reflecting a 9.5% annual growth rate compared to Dh914.74 billion in January 2023, marking an increase of Dh86.6 billion. The dirham dominated demand deposits, constituting 72%, while foreign currencies accounted for 28%.
Similarly, time deposits showed growth, reaching Dh796.9 billion by January 2024, reflecting a 30.3% annual increase compared to approximately Dh611.69 billion in January 2023. The dirham constituted 60% of time deposits, amounting to Dh474.88 billion, while foreign currencies comprised 40% or Dh322.04 billion.
