Foreign Currency Assets Held By UAE Banks Hit AED381 BnSource: www.export-egypt.com 2/18/2020, Location: Middle East |
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The total foreign currency assets held by the Central Bank of the UAE increased to AED381 billion by the end of 2019, a YOY growth of 5 percent from AED363.27 billion, accounting for 29 percent of total deposits held by Emirati banks, which stood at AED1.303 trillion by the end of December, according to figures revealed by the Central Bank of the UAE.
The growth is reflective of the increased investor trust in UAE-based banks by virtue of the country's strong financial system. As per the country's primary financial regulator, foreign currency deposits of various terms valued at circa AED245.24 billion by the end of 2019, a YOY growth of 6.8 pct. Foreign demand deposits hit AED115.9 billion by end of December, a 10 percent growth on year, while savings deposits picked up 18 percent to AED19.77 billion over the same reference period. The rest of deposits, which total AED922 billion, are held in Dirham, according to the CBUAE statistics. |
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