The total value of three-month deposits in UAE banks amounted to Dh532 billion ($145 billion) in July, 2019, a 6.2 per cent growth of Dh31.22 billion as compared to the preceding month, a media report said.

Three-months deposits, which have been steadily growing over the recent months, account for 55.3 percent of total deposits held by UAE banks, driven by an interest hike since the beginning of the year, reported Emirates news agency Wam, citing figures released by the Central Bank of UAE (CBUAE).

The interest rates charged by the Emirates Inter-Bank Offered Rate (EIBOR) spiked across all terms of late, with the three-month rate up to 230 basis points, the six-month deposit to 234 basis points and one-year term to 249 points.