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INTEREST HIKE ‘KEY DRIVER’

The attractive interest rates provided by UAE banks
have boosted saving sentiments.

UAE bank deposits hit record $209bn in September

ABU DHABI, October 27, 2017

Term and savings deposits in both local and foreign currency in the UAE banks amounted to a total of Dh768.3 billion ($209.14 billion) in September against Dh752.3 billion in August, increasing by around Dh16 billion, amounting to, according to Central Bank figures.

The attractive interest rates provided by UAE banks have contributed to boosting saving sentiments among investors since the beginning of the year, reported Wam, the official Emirates news agency, quoting banking sector analysts.

 Investors have found in deposits a safe haven for their businesses in comparison with other volatile investment vehicles, including trading.

The UAE Central Bank raised deposit interest rate to 1.5 per cent following the US Federal Reserve's second interest hike in June.

Term and savings deposits amounted to Dh751.4 billion by the end of 2016 and continued their rising streak during January 2017, slightly dropping during the following months, before rebounding in September.




Tags: UAE banks | Interest rates | Deposits |

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