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Savings deposits to increase by 1.98% in first 11 months of 2022
UAE Central Bank. – KT file
Savings deposits (excluding interbank deposits) in the UAE banking system rose to AED 246.61 billion at the end of November last year, an increase of approximately AED 7.21 billion, or 3%, from approximately AED 239.4 billion in November 2021, UAE Central Bank statistics show.
Savings deposits increased by 1.98% in the first 11 months of 2022, compared to approximately AED 241.82 billion at the end of 2021, an increase equivalent to AED 4.8 billion. They have increased by 0.06% per month compared to about AED246.48 billion in October 2022, according to the Supreme Bank.
Sight deposits increased by AED820.83 billion, or 82.5 percent, to AED903.36 billion at the end of November last year, representing an annual growth rate of 10.1 percent.
Sight deposits rose by 6.5 percent in the first 11 months of last year, equivalent to AED55.3 billion, compared to AED848.04 billion at the end of 2020. However, demand deposits fell 1.7% per month compared to the end of 2020. AED 918.97 billion in October 2022.
Fixed deposits rose 17 percent annually to AED599.81 billion at the end of November last year, up from AED513.16 billion in November 2021.
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