UAE banks' three-month deposits up to AED532 bn in July

ABU DHABI, 10th September, 2019 (WAM) -- The total value of three-month deposits in UAE banks amounted to AED532 bn in July, 2019, a 6.2 percent growth of AED31.22 bn as compared to the preceding month.

According to the CBUAE's figures, three-months deposits, which have been steadily growing over the recent months, account for 55.3 percent of total deposits held by UAE banks, driven by an interest hike since the beginning of the year.

The interest rates charged by the Emirates Inter-Bank Offered Rate (EIBOR) spiked across all terms of late, with the three-month rate up to 230 basis points, the six-month deposit to 234 basis points and one-year term to 249 points.

WAM/Hatem Mohamed/Hassan Bashir