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 Targets Islamic Finance And Halal Industry Growth As Bank Deposits Hit $162bn And $86bn Export Target Set
The UAE has launched a bold national strategy to boost Islamic finance and halal industry growth Read more
IHC Launches AI-native Reinsurance Platform RIQ From Abu Dhabi With $1bn Backing
IHC launches RIQ, a next-gen AI-driven reinsurance platform based in Abu Dhabi’s ADGM, backed by $1bn and supported b... Read more
Qatar Tax Authority Extends Fine Waiver Until August 31
Qatar’s General Tax Authority extends its 100 per cent Financial Penalty Exemption Initiative Read more
OpenAI In Discussions With UAEs MGX, Saudis PIF For Its $40bn Funding
Founder Sam Altman has also approached Mukesh Ambani’s Reliance Industries, reports The Information Read more
Sharjah Islamic Bank Strengthens Capital With New Sukuk
This most recent transaction marks the fifth listing by the Bank on Nasdaq Dubai, raising its total listed value on the... Read more
Worlds First Machine Economy Freezone To Launch In UAE
Pulsar Group and peaq unveil global first in UAE, setting the stage for decentralised, AI-powered smart cities Read more