Here’s how much cash expats have in UAE banks

By DG Staff

ABU DHABI 2 July 2019: The value of non-resident deposits in the UAE’s banking system exceeded non-resident loans by Dh64.5 billion at the end of May 2019 compared to the same period in 2018, according to statistics from the UAE Central Bank.

This statistics reflect the trust in the country’s banking systems, which has enabled it to attract more foreign investments.

The total balance of non-resident deposits amounted to Dh209 billion at the end of May, compared to non-resident loans worth Dh144.5 billion during the same period, said Wam.

In its recent report, the UAE Central Bank highlighted an increase in banking activity, which reflects an improvement to various indexes related to the sector.

Its statistics also show that the UAE banking system is continuing to attract non-resident deposits, which amounted to Dh192 billion in May 2018 before rising to Dh205.4 billion in September of the same year.

By the end of the first quarter of 2019, the total balance of non-residents deposits amounted to Dh208.2 billion, before closing at Dh209 billion by the end of May.

The country’s total deposits amounted to Dh1.759 trillion at the end of May while the value of total loans reached Dh1.681 trillion during the same period.

Dubai Gazette