Six-month Deposits In UAE Banks Up 10.4% To $49.6bn
Deposits accounted for 19.4% of the total deposits value from January through to August
Six-month deposits in UAE banks from January through to August totalled AED182.2 billion ($49.6bn), a growth of 10.4 percent from AED165bn ($44.9bn) in December last year.
According to figures released by the Central Bank of the United Arab Emirates (CBUAE), the deposits accounted for 19.4 percent of the total deposits value, driven by the interest hike recorded over the past three months.
The six-month interest rates charged by the Emirates Inter-Bank Offered Rate (EIBOR) spiked to 243 basis points during the first 10 days of this month, outshining a rise to 231 points in the one-year term.
Demand has been significantly growing since the beginning of the year for short-term deposits, according to the banking regulator's figures.
For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.UAE Secures Over $30bn In Crypto Investments In Just One Year: Report
With a proactive regulatory framework, the UAE presents investors with a balance between innovation and security Read more
DIFC Partners With Lloyds To Boost Future Talent In Insurance Sector
The agreement, which envisages a longstanding partnership, will help support development of a talent pipeline into the ... Read more
Paymob Secures UAE Central Bank License For Retail Payment Services
The regulatory nod also enables the company to provide merchants with its full suite of omni-channel solutions Read more
Open Banking Fuels GCC Fintech Boom As UAE, Saudi Lead Regional Growth Surge
The open banking payments volume in the GCC is projected to quadruple to over $930 billion by 2028 from $230 billion in... Read more
Saudi Arabia Leads Region With 178 Venture Capital Deals Last Year
Saudi venture capital funding is supporting business startups in the Kingdom Read more
UAE Gold Reserves Reach $6.7bn
CBUAE gold reserves surged by 34.8 per cent in the first 10 months of 2024 Read more