Six-month deposits surge to AED182.2 bn in eight months
ABU DHABI, (Pakistan Point News - 11th Oct, 2019) The six-month deposits at UAE banks picked up to circa AED182.2 billion from January through August 2019, a growth of 10.4 percent from AED165 billion in December last year, according to figures released by the Central Bank of the United Arab Emirates.
They accounted for 19.
4 percent of the total deposits value, driven by the interest hike recorded over the past three months.
The six-month interest rates charged by the Emirates Inter-Bank Offered Rate (EIBOR) spiked to 243 basis points during the first 10 days of this month, outshining a rise to 231 points in the one-year term.
Demand has been significantly growing since the beginning of the year for short-term deposits, according to the banking regulator's figures.