UAE Banking Sector Demonstrates Growth and Stability
In a recent report, the UAE banking sector has shown impressive growth and stability in the past few months. The total value of savings deposits held by banks has surged by 8.4 percent year on year, reaching a staggering 294.66 billion dirhams, equivalent to approximately $80.2 billion.
Breakdown of Savings Deposits
Out of the total savings deposits, 247.49 billion dirhams were held in local currency, while 47.17 billion dirhams were in foreign currencies. This distribution showcases a diverse portfolio of deposits within the sector.
Rise in Time and Demand Deposits
The upward trend in savings deposits continued with a 1.68 percent increase from April, showing a total amount of 289.78 billion dirhams. Additionally, the value of time deposits saw a remarkable rise of 17 percent compared to the previous year, reaching 842.98 billion dirhams. Demand deposits also experienced significant growth, climbing by more than 10 percent year-on-year to 1.04 trillion dirhams.
Notable Surge in Net International Reserves
The banking sector’s net international reserves saw a notable surge of 29 percent, totaling 1.23 trillion dirhams by the end of May. This total includes 763.88 billion dirhams held by the Central Bank of the UAE and 472.68 billion dirhams held by other banks operating in the UAE. In addition, CBUAE’s gold reserves grew by 19.7 percent year on year, reaching 20.61 billion dirhams.
Growth in Transaction Volumes
Transaction volumes through the UAE Funds Transfer System also experienced growth, with the total value of transactions rising to 7.9 trillion dirhams by the end of May. This marked a 17 percent increase from the same period in the previous year, including 4.96 trillion dirhams in interbank transfers and 2.93 trillion dirhams in transfers between bank customers.
The UAE banking sector continues to showcase resilience and growth, positioning itself as a key player in the region’s financial landscape. }
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The Image Cheque Clearing System has reached a significant milestone, with a record value of 544.4 billion dirhams cleared by the end of May. This achievement highlights the growing use and reliance on digital payment systems, showcasing the efficiency and convenience they offer to users.
Advancing Financial Transactions
The utilization of the Image Cheque Clearing System marks a significant advancement in financial transactions, streamlining processes and reducing the need for physical cheque handling. With the increasing adoption of digital banking services, this system plays a crucial role in enhancing the overall efficiency of the financial sector.
Enhanced Security and Accuracy
Furthermore, the Image Cheque Clearing System offers enhanced security and accuracy in processing cheques, minimizing the risk of errors and fraud. By digitizing the cheque clearing process, financial institutions can ensure a more secure and reliable payment mechanism for their customers.
Driving Innovation in Payment Technology
This milestone underscores the continuous drive for innovation in payment technology, with digital solutions like the Image Cheque Clearing System paving the way for a more digital-centric financial ecosystem. As the demand for digital payment options continues to grow, such systems will play a crucial role in meeting the evolving needs of consumers and businesses.