In January 2024, the term deposits in the UAE banking system grew by 2.05% to reach 796.92 billion dirhams, a significant increase from December 2023’s 780.94 billion dirhams and a whopping 30.28% increase from January 2023. The dirham had the largest share of term deposits at 59.58%, while foreign currencies made up only 40.41%.
On the other hand, savings deposits saw a decrease of just 0.86% in January 2024 to reach 270.47 billion dirhams but still witnessed an annual increase of an impressive 10.16%. The dirham also had the largest share of savings deposits at 82.08%, with foreign currencies accounting for only 17.91%. Despite this, savings deposits have been steadily increasing over the years, reaching a total of
