Banking deposits for less than three months hit AED428.7 billion

ABU DHABI — Short-term deposits accounted for the largest share of banking deposits in the UAE, with medium and long-term deposits noticeably improving during the first third of 2017, in a bullish sign reflecting improved sentiments among a significant segment of bank clients in the country.

According to the UAE Central Bank recent data, bank deposits for less than 3 months amounted to AED428.7 billion by the end of April, claiming 55.2 percent of total banking deposits, valued at AED777 billion.

In the meantime, 3-5 month term deposits were valued at AED127.55 billion, accounting for 16.4 percent of total deposits, with 6-12 month term investments claiming 22.5 percent of total deposits, hitting AED175.33 billion by end of April.

Deposits for more than 12 months were valued at AED45.4 billion, making up to 5.8 percent of total deposits during the first four months of the year.

Multi-term deposit-related data released by the Central Bank only cover government deposits, excluding inter-bank ones.

Source: Emirates News Agency