The volume of foreign deposits with UAE banks increased to 381 billion dirhams in 2019, an increase of about 5% compared to 363.27 billion dirhams in 2018. Deposits in foreign currencies constitute 29.2% of the total deposits with national banks, which amounted to 1.303 trillion dirhams at the end of December 2019.
The continuous growth of the balance of deposits in foreign currencies in the UAE banks reflects the great confidence it holds among the dealers inside and outside the country, especially in light of the large financial solvency it enjoys according to the rankings of many international financial institutions.
According to the figures issued by the Central Bank of the Emirates, the value of deposits in foreign currencies classified as deposits in various terms was approximately 245.24 billion dirhams at the end of last year, an increase of 6.8% compared to 2018. At the level of deposits in foreign currencies classified as demand deposits, its balance at the end of December 2019 reached about 115.9 billion dirhams, a growth of 10% compared to its balance in 2018. As for the balance of deposits in foreign currencies within the savings deposits segment amounted to 19.77 billion dirhams.
Source (Emirati newspaper, Gulf, Edited)
