The total gross deposits of the private sector in the UAE banks amounted to circa Dh1.076 trillion ($293 billion) by the end of March 2020, a 1.7 percent growth of Dh18 billion from Dh1.058 trillion in December 2019, a media report said.
These deposits account for around 58 percent of the total gross deposits held by the UAE banks, which stood at around Dh1.852 trillion by the end of the same month, reported state-run news agency Wam, citing figures by the Central Bank of the UAE.
In the meantime, the domestic credit to private sector amounted to Dh1.149 trillion, a growth of 1.3 percent from Dh1.134.6 trillion in December 2019.
The growth in private sector credit is a significant indicator of its contribution to economic activity and reflects increase in the sector's investment activity.
Copyright 2020 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).