UAE Savings Deposits Soar to $78.06 Billion in Q1 2024

The Central Bank of the UAE (CBUAE) has announced that customers deposited AED13.8 billion ($3.76 billion) into savings deposits during the first quarter of 2024. This significant influx of funds has pushed the total savings deposits in the UAE banking sector to AED286.67 billion ($78.06 billion) at the end of March 2024, marking an 8.9% increase compared to March 2020.

In terms of demand deposits, the CBUAE reported a notable rise to AED1.056 trillion ($287.54 billion) at the end of last March, representing a 15.02% annual growth. This substantial increase is a testament to the growing confidence in the UAE’s banking sector.

The UAE dirham dominated the demand deposits distribution, accounting for AED757.78 billion, or 71.7% of the total. Foreign currencies made up the remaining AED299.2 billion.

Furthermore, time deposits reached AED840.1 billion ($228.75 billion) at the end of last March, with an annual increase of approximately 27.4% compared to AED659.6 billion ($179.6 billion) in March 2023. The dirham once again accounted for the largest share of time deposits, at about 57.5% or AED483 billion ($131.52 billion).

These promising figures underscore the UAE’s continued economic growth and stability, attracting more investors and deposits to the country’s banking sector.