UAE savings account balances rise to $43.15 billion in Q1

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Staff Report

Abu Dhabi: Savings account balances in the UAE amounted to Dh158.5 billion ($43.15 billion) during the first quarter of 2017, a growth of 3 per cent, i.e. Dh4.75 billion, over the same period in 2016, according to UAE Central Bank statistics.
Saving by local currency at the banking sector hit Dh129.56 billion against an equivalent of Dh28.88 billion in foreign currencies by the end of April.
The largest growth in savings accounts was recorded during February-March 2017, jumping from Dh154.822 billion to Dh158.5 billion, while in January it went up from Dh153.578 billion to Dh154.822 billion.
Saving by local currency was at the highest level during January-February, edging up to AED126.645 billion from AED124.736 billion, while saving by foreign currency recorded its best high in Februry-March, increasing to AED29.007 billion from AED 28.177 billion.
Savings accounts are an investment vehicle used by banks to woo more clients, with its interest rates varying from one bank to another.