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ABU DHABI / WAM
In a bullish sign reflecting the growing confidence in the UAE economy and improvement in the investment climate, UAE Dirham-denominated deposits with the banking sector in the country amounted to AED965.3 billion, claiming 70 percent of the value of total multicurrency banking deposits by end of April, 2017.
According to UAE Central Bank
data, deposits in UAE Dirham increased by as much as AED32.5 billion during the first four months of 2017, to AED965.3 billion from AED932.8 billion by end of April, with UAE nationals and residents alike opting for conventional and Islamic Sharia’-compliant banking deposits, being a safer investment vehicle comparatively with
other investment pools available in
the market.
Banking deposit interest rates in Q1 ranged between 0.79 percent and
1.5 percent, as per CB statistics, with some banks offering relatively higher rates to lure customers and ensure more cash inflows.
The deposits spiraled by as much as AED23.93 billion in March before
edging down during April to AED965.3 billion, according to the UAE Central Bank figures.