UAE private bank deposits rise by $4.2mln in 3 months amid COVID-19 uncertainty

UAE private bank deposits rise by $4.2mln in 3 months amid COVID-19 uncertainty

A record 15.6 billion UAE dirhams ($4.2 million) increase in cash landed the non-government deposit accounts of banks across the country over the last few months, according to the latest official data.From April to June this year, savings held in private sector accounts ballooned to 1,091. billion, up by 1.4 percent compared with 1,076.2 billion during the previous quarter, and higher by six percent than in the same period last year, the UAE central bank revealed in a new report."Households became thriftier in their day-to-day expenses, therefore saving more as a precaution against rising uncertainties,“ the central bank said.Less spending, more savingConsumer spending in the country has plummeted since the onset of the pandemic, with the luxury goods, beauty, personal care, apparel, footwear, eyewear and accessories seeing the most significant