Your savings hit Dh158.5 billion during first quarter of 2017

Dirham Savings hit Dh129.56 billion

ABU DHABI 31 May 2017: Savings account balances in the UAE amounted to Dh158.5 billion during the first third of 2017, a growth of 3  percent, i.e. Dh4.75 billion, over the same period in 2016, according to UAE Central Bank statistics.

Saving by local currency at the banking sector hit Dh129.56 billion against an equivalent of Dh28.88 billion in foreign currencies by the end of April, said Wam.

The largest growth in savings accounts was recorded during February-March 2017, jumping from Dh154.822 billion to Dh158.5 billion, while in January it went up from Dh153.578 billion to Dh154.822 billion.

Saving by local currency was at the highest level during January-February, edging up to Dh126.645 billion from Dh124.736 billion, while saving by foreign currency recorded its best high in Februry-March, increasing to Dh29.007 billion from Dh28.177 billion.

Savings accounts are an investment vehicle used by banks to woo more clients, with its interest rates varying from one bank to another.

By Rajive Singh

Dubai Gazette