The value of savings deposits held in banks across the UAE went up by around 8.4% year-on-year in May 2024.

Total savings deposits amounted to AED 294.7 billion ($80.2 billion) by the end of the month, compared to more than AED 271.8 billion in the same period last year, the UAE Central Bank’s monthly statistical bulletin showed.

Savings in local currency (UAE dirham) accounted for the biggest chunk of savings at AED247.5 billion, while savings in foreign currencies reached AED 47 billion.

The value of time deposits stood at approximately AED 842.9 billion, compared to AED 717.9 billion a year ago, registering a growth of more than 17%.

Demand deposits crossed the trillion-dirham mark, rising by more than 10% to AED1.045 trillion in May this year from AED 947.3 billion a year earlier.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com