Government deposits at banks operating in the UAE have reached an all-time record high of AED 286 billion during the first nine months of 2018.
The government’s deposits increased by about AED 74 billion from January to September, according to a report released by the Central Bank of the UAE (CBUAE).
The increase in government deposits was supported by the mounting oil prices, which grew by more than 35% over the past 12 months, the report said, adding that the increase in government revenues has offset the rise in the total of the UAE banking assets.
During the period between January and March, the government deposits amounted AED 21.2 billion, up of 10% from the same period a year earlier, when deposits reached AED 17.4 billion.
Meanwhile, the public sector’s deposits hit AED 35.4 billion during the third quarter of 2018.
The UAE’s government spending recorded AED 186 billion in the first six months of 2018, according to official figures and statistics released by the Ministry of Finance.