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 Announces Major New Tax Rules
UAE introduces Cabinet Decision to amend tax rules and attract investment Read more
UAEs Maseera Acquires Egyptian Fintech ADVA
The move marks a critical milestone in Maseera’s regional expansion strategy Read more
Oman Mandates IBAN For Domestic Transfers From July 2025
The move follows the Oman Central Bank's implementation of the IBAN system for international transfers from March 31, 2... Read more
Egypt And Jordan Thank The European Parliament For New Financial Aid
The European Union members recently approved loans worth $4.4 billion in three instalments to Egypt and $555 million to... Read more
Standard Chartereds SC Ventures To Replicate Asia, Africa SME Model In GCC
SC Ventures to bring its successful SME building strategy in India, South East Asia and Africa to GCC, and plans to rol... Read more
UAE Central Bank Revokes Licence Of Dynamics Insurance Brokers For Regulatory Breaches
Dynamics Insurance Brokers "failed to comply with the licensing terms and requirements issued by the Central Bank and w... Read more