|04 September, 2019

UAE banks' saving accounts hit $45bln by July 2019

The savings accounts for 11.4% of the total deposits held by the UAE banks

Image used for illustrative purpose. United Arab Emirates Currency notes.

Image used for illustrative purpose. United Arab Emirates Currency notes.

Gettyimages

ABU DHABI- UAE banks' saving account balances hit a record of circa AED165.8 bn during the first seven months of the year, a 9 pc growth of AED13.8 bn against AED152 bn by the end of 2018, according to statistics revealed by the Central Bank of the United Arab Emirates.

The savings accounts for 11.4 pc of the total deposits held by the UAE banks which amounted to AED1.446 trillion by the end of July 2019. Savings in UAE dirham comprised over 60 pc of the total savings which stood at circa AED140.7 bn by the end of July against AED25.1 bn in foreign currency, according to CBUAE's statistics.

The month of May saw the highest growth in savings, AED8.4 bn, with Q1 witnessing an increase of AED4 bn. UAE national banks got the lion's share of savings, i.e.., AED149.6 bn by the end of July, 131.27 bn of which in Dirham and 18.3 bn in foreign currency. Savings held by UAE-based foreign banks reached AED16.3 bn since the beginning of the year until July.

© Copyright Emirates News Agency (WAM) 2019.