Government deposits in UAE-based banks hit an all-time-high of AED286 billion ($77.8 billion) at the end of September 2018, the country’s Central Bank said on Tuesday.
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State news agency WAM said the growth was attributed to rising oil prices, which grew by 35 percent during the past 12 months, reflecting positively on the total assets of the banking sector.
WAM reported that government deposits increased by AED21.2 billion during Q1, a growth of 10 percent as compared to the end of 2017, and by AED17.4 billion during Q2, setting a record rise of AED35.4 billion by the end of Q3.
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