38.4 billion dirhams savings deposits in 11 months

Individuals and companies retained financial surpluses during the first 11 months of last year 2024, in the form of savings deposits in banks worth 38.4 billion dirhams, bringing the total cumulative balance of this item by the end of November 2024 to 311.2 billion dirhams compared to 272.8 billion dirhams by the end of 2023 with a growth of 14%, This is according to the latest data issued by the central bank. The data also showed that savings deposits constitute 13.5% of the total trillion and 308 billion dirhams, at the end of last November.

Since 2021, banks in the UAE attract record levels of deposits, especially individuals ’deposits and savings, with the support of attractive interest rates, which makes them a priority option to maintain capital, as well as financial and economic stability, and the diversity of deposit options, such as: fixed deposits, and deposits Flexible, Islamic savings accounts compatible with Islamic law.

The banking expert, Ahmed Youssef, said: “The preference of individuals and companies reflects the retaining their financial surpluses in the form of deposits of all kinds, especially savings, the strength of the economy and the confidence of the investors and their demand for the state, because of its continuous update of regulations and regulations, in line with the rapid changes taking place in the market. Local ».

Youssef pointed to the protection of deposits and their guarantee by government agencies, in addition to being a safe haven for depositors because their revenues are excellent compared to other investment sectors, noting that Emirati banks gained the confidence of residents and investors thanks to their advanced technical structure and services available around the clock.

For his part, the banker Mustafa Ahmed said: “Raising the interest over more than two years made many individuals and companies retain the surplus money, which they may not need for 12 months, for example, or more, in the form of savings deposits, where the interest was recorded at times between 5 % And 6% over the millions of deposits, which constituted an excellent return, especially for investors who do not prefer to risk capital. ”

He added: “Local banks also have a great reputation among investors, and this creates a kind of reassurance when keeping any financial surpluses for any number of years.”