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UAE deposits recover thanks to oil prices

Government deposits rebounded to AED297.6 billion by the end of January, AED3.7 bn up from AED293.9 bn in December 2018.

Driven by a significant rise in oil prices in H1 2018, the deposits grew AED94 bn across the year, hitting an all-time high of AED305 bn in November against AED300 bn in October .

According to statistics released by the Central Bank of United Arab Emirates, Q3 of 2018 saw government deposits rise by AED35.2 bn, after having been up by AED22 bn in Q1, AED20.6 bn in Q3 and AED16.4 bn during the last three months of the year.

The growth reported across all monetary indicators last year underpinned the solid financial profile and solvency levels of the UAE banking system, now reckoned among the Middle East’s most powerful.

Source: WAM

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