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FINANCIAL NEWS
Medium, long-term bank deposits grow by USD213bn in UAE
16 Sep 2017
(MENAFN) Medium and long-term bank deposits grew by AED19.9bn by the end of the Jan-July period of this year, bringing to AED210bn the total deposits held the banking sector.
Recently, medium and long-term bank deposits make more than 27 percent of the total term deposits, valued at AED782bn.
Furthermore, the growth is attributed to the Central Bank’s decision to raise the deposit interest rate trailing the U.S. Federal Reserve’s 1.5 percent interest rate hike.
In more details, deposits of more than one year increased in value to AED56.3bn by the end of July, a 7.6 percent up compared to Dec 2016.
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