BUSINESS

Foreign currency deposits in UAE banks increase 7.3% in 8 months

October 22, 2020
The total foreign currency deposits held by the UAE national banks amounted to circa 409 billion dirhams by August, a growth of 7.3 percent, according to the statistics of the Central Bank of the United Arab Emirates. — WAM
The total foreign currency deposits held by the UAE national banks amounted to circa 409 billion dirhams by August, a growth of 7.3 percent, according to the statistics of the Central Bank of the United Arab Emirates. — WAM

ABU DHABI — The total foreign currency deposits held by the UAE national banks amounted to circa 409 billion dirhams by August, a growth of 7.3 percent, according to the statistics of the Central Bank of the United Arab Emirates.

These account for 30 percent of the total deposits held by the Emirati banks, valued at 1.346 trillion dirhams by the end of August. They grew to 366.8 billion dirhams in Q2 from 381 billion dirhams in December 2019, before rising to around 395 billion dirhams in July.

The foreign deposits held by all national banks in the UAE comprise around 40 percent of deposits of all terms; account for 12.6 percent of saving deposits and 24.3 percent of demand deposits.

They represent around 81.3 percent of total foreign deposits held by all banks operating in the UAE, according to the statistics.

Fixed deposits are one of the safest and most preferred investment options available to those averse to investing in risk instruments such as equity and mutual funds. FDs allow investors to manage financial risks, therefore representing an effective tool to enhance foreign direct investments. — WAM


October 22, 2020
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