UAE Banks' Three-month Deposits Up To AED532 Bn In July

Mohammad Ali (@ChaudhryMAli88) Published September 11, 2019 | 01:45 AM

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

ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 11th Sep, 2019) 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.