Bank savings in the UAE hit record $45.1bn

      Published on Friday, 13 September , 2019      777 Views     
Bank savings in the UAE hit record $45.1bn

Savings account balances at UAE banks hit a record of about AED165.8 billion ($45.1 billion) during the first seven months of the year, it has been announced.

The 9 percent growth of AED13.8 billion compared to the end of 2018 was revealed by the Central Bank of the UAE.

Savings accounts made up 11.4 percent of the total deposits held by UAE banks which amounted to AED1.4 trillion by the end of July, state news agency WAM reported.

The month of May saw the highest growth in savings (AED8.4 billion) with Q1 witnessing an increase of AED4 billion.

UAE national banks hold the lion’s share of savings while savings held by UAE-based foreign banks reached AED16.3 billion so far in 2019.

Category Dubai, Gulf News | 2019/09/13 latest update at 8:45 AM
Source : Arabian Business | Photocredit : Google
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