The gold stock at the “Central” amounts to 11.75 billion dirhams

12 billion dirhams of individual deposits in banks within a month

Individual deposits constitute 30% of total bank deposits.

archival

Data issued by the Central Bank showed that individuals in the UAE (citizens and non-nationals) deposited 12 billion dirhams in banks during November 2021 alone, bringing the total deposits of individuals to 517 billion dirhams, compared to 505 billion dirhams at the end of the previous October.

Those data also revealed that about 85% of those deposits are kept in national banks, while a share of 15% goes to foreign banks.

Individual deposits in the banking sector in the UAE constitute 30% of the total bank deposits.

Although the return on deposits in state banks is around 1% annually, the tendency to keep money within banks is the first choice for many residents of the UAE.

Investor confidence

The expert in banking investments, Ahmed Youssef, said that the most important factor behind this is the strength of the national economy, the confidence of investors in the laws that preserve their rights, and the flexibility they show in adapting to changes.

Youssef stressed that many residents prefer to keep their money in local banks, for ease of dealing with it at any time, in addition to the excellent services provided by the banking sector to all without discrimination, pointing out that the standards imposed by the Central Bank on banks, with regard to guaranteeing deposits, and keeping With a strong financial solvency and liquidity, it generates reassurance among individuals.

He pointed out that other investment options, in light of global market conditions, prioritize the trend towards deposits, as a secured investment pool far from risks.

gold bars

The stock of gold bullion owned by the Central Bank, as one of its assets, amounted to 11 billion and 754 million dirhams at the end of last November, compared to 11 billion and 676 million dirhams at the end of the previous October, with a monthly increase of 78 million dirhams within a month.

The Central Bank stated that the value of its liquid cash and bank balances rose significantly at the end of November to reach 254.7 billion dirhams, compared to 232 billion dirhams at the end of the previous October, with a monthly increase of 22.7 billion dirhams.

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