Saving accounts in UAE national banks reach $2.7bn in 4 months

Wed, 2021-06-09 08:32

DUBAI: Saving accounts in UAE national banks attracted 9.77 billion dirhams ($2.7 billion) in the first four months of 2021, data from the country’s central bank showed.
The new liquidity brings the cumulative balance of saving accounts in the UAE to 199 billion dirhams by the end of April.
The bank projects the balance to further grow in the coming months, reflecting an increasing trend in saving behavior from residents.
Saving accounts in these national banks accounted for 88 percent of their total balance in all UAE-based banks by the end of the period.
Separately, the central bank issued a new outsourcing regulation for UAE banks, as part of its ongoing reforms to enhance its regulatory frameworks of the country’s banking system.
The regulation will ensure that banks are properly managing risks when outsourcing certain functions, including mandating board-approved policies and procedures in banks’ governance frameworks.
“The Central Bank prioritizes the utmost importance to data protection and risk management by issuing directives that govern and safeguard banks and their consumers, in line with international standards and best practice,” its governor, Khaled Mohamed Balama, said.
It comes as the UAE takes steps to modernize its economy, and help the country’s banking system recover from the impact of the COVID-19 pandemic.

Main category:
Business & Economy

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