UAE dirhams
Savings deposits held by UAE banks have grown significantly in recent years. Image Credit: Shutterstock

Abu Dhabi: Saving deposits held by UAE bankis, excluding inter-bank deposits, increased to Dh245.537 billion by the end of January, a year-on-year growth of Dh2.02 billion, stats from the Central Bank of the UAE reveal.

Savings deposits have seen significant gains over recent years, from Dh152 billion at the close of 2018 to Dh172.2 billion in 2019 and to Dh215.2 billion in 2020. It was Dh241.8 billion in 2021. Demand for deposits grew to Dh914.74 billion by the end of January 2023, a yoy growth of 5.6 per cent from Dh866.16 billion in January 2022.

Term deposits surged to Dh611.69 billion by the end of last January, a yoy growth of 19.5 per cent from Dh512.04 billion in January 2022.