The latest data issued by the Central Bank showed that the banking deposits were registered “above 20 million dirhams” an annual increase of 138 billion dirhams during the past year, bringing its total balance at the end of December 2024 to 1.567 trillion dirhams, compared to 1.429 trillion dirhams by the end of the year 2023, with an annual growth of 9.6%.
The data, which the Emirates Today, revealed, revealed that the deposits “over 20 million dirhams” constitute 58% of the total trillion and 682 billion dirhams of the banking deposits at the end of 2024.
According to the “Central”, bank deposits are classified into six segments according to their size, and they range from (zero) to 250 thousand dirhams “, which was recorded at the end of last year 189 billion dirhams, then the second tranche:” Deposits above 250 thousand dirhams to 500 thousand dirhams “, and reached 100.7 billion dirhams, then the third tranche:” Above 500 thousand dirhams up to one million dirhams “, which reached 128.9 billion dirhams The “About one million dirhams and up to five million dirhams”, which recorded 354 billion dirhams, then the slice “above five million dirhams until 20 million dirhams” at a value of 342 billion dirhams, and finally: “deposits over 20 million dirhams” at a value of 1.567 trillion dirhams.
For his part, the banking expert, Ahmed Youssef, told «Emirates Today»: “There is a demand to keep deposits in local banks in general, and the great ones in particular, for more than one reason, the first of which is to attract the state to a large number of investors and people with wealth for work, living and setting up projects, with the support of the high level of living and the availability of advanced infrastructure and these are provided with their money and investments, and they have great confidence With the banking system in the state. He added: «Emirates banks have excellent credit categories, with a regulatory system according to the best standards in force, so individuals and companies reassure their money to keep them in the form of deposits.
Youssef continued: “There is also a tendency for long and medium -term deposits, due to expectations to reduce the main benefit in the coming months, so customers want to install the return on their money for the longest period.”
Youssef continued: “We do not forget that the strength of the economy and strong performance indicators resulted in a significant increase in government revenues, which created a financial surplus, which is kept in the form of government deposits in banks that contribute to supporting the financial and banking system.”
He added: «The power of the dirham as a currency attached to the dollar guarantees financial stability in the country, and encourages wealth and investors to keep their money in the national currency, along with citizens and residents who prefer to keep their money inside local banks.
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