Two bankers attributed it to the stability of the local currency and the strong economy

«Central»: Bank customers prefer to save their money in dirhams

The latest data issued by the Central Bank yesterday revealed that customers prefer to keep their savings in banks using the local currency (dirham), with a share of up to 81.6% of savings deposits, while the remaining share goes to foreign currencies.

The statistical bulletin for the month of July showed that the total savings deposits in banks amounted to 255.5 billion dirhams at the end of last July, of which 208.5 billion dirhams in local currency and 47 billion dirhams in other currencies.

She explained that the value of customers' savings in local currency during the first seven months of this year, eight billion dirhams, bringing the cumulative balance of this item at the end of last July to 208.5 billion dirhams, compared to 200.5 billion dirhams at the end of the previous December, a growth of approximately 4%.

Two bankers explained to "Emirates Today" that there are several factors behind the preference of bank customers to keep their savings in dirhams, including the high confidence in the local currency, as a result of its stability since the founding of the state, as well as the strength of the central bank and its decisions to support this stability.

The banking expert, Ahmed Yousef, said that the UAE dirham is fixed against the dollar, and the strength of the national economy is the biggest supporter of any country's currency.

He added, "There is no doubt that all local economic indicators are positive, in addition to the strength of the decisions and laws of the Central Bank, which constitute a great guarantee for the stability of the currency and maintaining the confidence of local and foreign investors in it."

Youssef stressed that the dirham's acquisition of the largest share of savings deposits is evidence of customers' reassurance of the strength of the dirham, especially since there are successive international decisions to adopt it in payments and trade exchange, which enhances confidence in it.

For her part, the banking expert, Awatef Al-Harmoudi, said that a large segment of customers are psychologically comfortable in keeping their deposits in dirhams, as a result of linking the dirham to the dollar and the accompanying stability and stability.

She added that there is also a preference for withdrawing profits on deposits in dirhams, as there is no risk in converting the currency that may be associated with other currencies if deposited in them.

Al-Harmoudi pointed out that banks provide strong products for deposits in dirhams, whether they are investment or annual profits, so we find a great demand from customers to put their surplus money in the local currency (dirham).

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