Resident deposits in the UAE registered a YTD growth of 1.6 percent, while year-on-year growth at the end of August was 4.3 percent compared to the same period of last year.
Government deposits in the first eight months of the year fell 7.9 percent to 267.4 billion dirhams, while the month-on-month decline in August was 3.1 percent, according to data from the UAE central bank, while the y-o-y decline is about 3.2 percent. In parallel, deposits of parastatals (in which the government holds a stake of more than 50%) have grown by 8.2% since the beginning of the year to AED 224.1 billion, despite a 2.2% decline in August on a monthly basis. Thus, it registered a year-on-year growth of 18.2 percent.
Private sector deposits grew 2.3% YTD and 0.6% month-on-month in August, reaching AED 1.03 trillion. Deposits from non-bank financial institutions grew 22.3% YTD to 43.4 billion dirhams, a monthly growth of 0.9% in August and an annual growth rate of 40.9%.
Source (Al-Khaleej newspaper, Edited)
