ABU DHABI - Government deposits in UAE-based banks hit an all-time-high of AED286 billion by the end of September 2018, up AED74 bn in the first nine months of the year, according to CBUAE statistics.

The growth is attributed to rising oil prices, which grew by 35 percent during the past 12 months, reflecting positively on the total assets of the banking sector.

Government fiscal surpluses since the beginning of the year amounted to AED186 bn, according to the Ministry of Finance statistics.

In more detail, government deposits increased by AED21.2 bn during Q1, a growth of 10 percent as compared to the end of 2017, and by AED17.4 bn during Q2, setting a record rise of AED35.4 bn by the end of Q3 to AED286 bn.

Government deposits increased by AED14.2 bn during the first nine months of 2017.

© Copyright Emirates News Agency (WAM) 2018.