The Central Bank of the UAE (CBUAE) has reported that saving deposits in the UAE banking system, excluding interbank deposits, increased to Dhs245.5bn by the end of January 2023, rising 0.92% or Dhs2bn from around Dhs243.3bn in the previous year.
The latest data reveals a significant increase in saving deposits in recent years, from Dhs152bn at the end of 2018 to Dhs241.8bn in 2021. In addition, demand deposits reached Dhs914.74bn by January 2023, showing a YoY growth of 5.6% from Dhs866.16bn in the same month the previous year, while term deposits surged to Dhs611.7bn, up 19.5% from Dhs512.04bn in January 2022. The increase in deposits is attributed to higher interest rates, business volumes, and a growing demand for digital financial services.