One-year term deposits grow 34.7 pct in 10 months

One-year term deposits grew 34.7 pct, or AED16.3 bn, during the first ten months of 2020 as compared to the corresponding period of 2019, statistics by the Central Bank of the United Arab Emirates have showed.

Growing demand ratcheted the cumulative balance of this type of deposits to AED63.2 bn, by the end of October, 2020, compared to AED46.9 bn in December 2019. These deposits account for 7.1 pct of all terms of deposits, which totaled around AED889.3 bn by the end of October.

UAE national banks hold up to 96.2 pct, or AED60.802 bn, of the cumulative balance of this type of deposits, according to the apex bank’s figures, while the foreign banks hold the rest.