Bank deposits in the UAE increased by 12.2 percent during the period from January to November 2022, equivalent to 242.7 billion dirhams. While it increased in November 2022 by about 34.5 billion dirhams. It also rose on an annual basis by about 272.4 billion dirhams, to reach 2.24 trillion dirhams, according to banking indicators issued by the Central Bank.
New residents' deposits have crossed within 11 months the barrier of a quarter of a trillion dirhams, equivalent to 250.2 billion dirhams, as a result of an increase in government deposits by about 143 billion dirhams, and the private sector by 125 billion dirhams. While public sector deposits declined by about 17.8 billion dirhams, and residents’ deposits increased in November by about 49.3 billion dirhams, of which 2.5 billion dirhams came from the government, 20.6 billion dirhams from the public sector, and 25.7 billion dirhams from non-banking financial institutions. While non-resident deposits declined by about 14.8 billion dirhams.
The total reserves of banks at the Central Bank recorded a monthly increase of 11.7 billion dirhams, or by 4.3 percent, to 364.1 billion dirhams at the end of November. Banks’ total assets increased during November 2022 by about 24.1 billion dirhams. It has also increased since the beginning of the year by about 317.8 billion dirhams. It also increased by about 343.5 billion dirhams during the year, bringing assets to 3.64 trillion dirhams.
Source (Al Khaleej Emirati Newspaper, Edited)
