Individuals injected 29.6 billion dirhams into their savings accounts within 7 months

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The saving behavior of individuals in the UAE witnessed a significant growth, according to the indicators issued by the Central Bank, which showed an increase of 29.65 billion dirhams in the savings account in the banking sector in the country during the first seven months of the year 2020. The significant growth in saving activity since the beginning of the year reflects the trend of A large number of the state’s population towards controlling consumption behavior in a manner that takes into account arranging spending priorities according to basic living needs while preserving a part of their income as savings liquid. Despite the noticeable increase in the savings behavior of individuals since the beginning of 2020, the largest percentage of growth in this behavior started to grow during the second quarter of the year, as the total cumulative balance of the savings account with banks rose to the level of 201.85 billion dirhams. In detail, the total balance of the savings account increased during the first three months of this year to approximately 183.44 billion dirhams, compared with 172.2 billion dirhams in December 2019, according to the figures issued by the Central Bank. During the month of May of this year, the savings account balance increased to 189.13 billion dirhams, before jumping to 194.62 billion dirhams in June, and continuing to grow until the level recorded in July reached 201.85 billion dirhams, the highest historical level since the establishment of the Central Bank. It was clear from the numbers that the largest part of the savings account was registered in favor of national banks, as the total balance of this type of account amounted to about AED 178.2 billion, which constitutes 88.5% of the total balance with the banking system in the UAE. (WAM)





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