Bank deposits flooded into the Emirates in the first quarter of the year, reducing stress on the banking system.
During the first three months of this year, individuals, banks and companies in the UAE deposited US$10.8 billion (Dh39.67bn) of funds with international banks reporting data to the Bank for International Settlements (BIS), an umbrella organisation of central banks.
The rise in deposits to $83.7bn reflects a 14.9 per cent increase compared with the previous quarter. A third of the influx represents interbank deposits. During the first quarter of the year, banks received a large amount of deposits from Saudi Arabia and Qatar, the BIS report added.
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