Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Fixed deposits up 30pc, savings grow by 19pc  Join our daily free Newsletter

MENAFN - The Peninsula - 04/03/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN - The Peninsula) Individuals in Qatar preferred to keep their money in fixed deposits (FDs) than saving deposits in 2013.



Fixed deposits of individuals in banks registered a strong growth of 30 percent last year, while saving deposits managed to clock 19 percent growth.



According to Qatar Central Bank data, fixed deposits of individuals grew to QR94.97bn at the end of 2013 from QR72.87bn at the



end of 2012 whereas saving deposits rose to QR44bn at the end of 2013 from QR37bn at the end of 2012.



Total deposits of banks, which included all kinds of deposits including public sector institutions, private companies and individuals, grew by 23 percent to QR514.8bn at the end of 2013 from QR417bn at the end of 2012.



The surge in fixed deposits shows that there is a large chunk of people in Qatar who prefer safety of their hard earned money than investing it in stock market to get



higher returns.



The inclination to put money in fixed deposits increased more after the crash in stock markets around the world due to global financial crisis



Fixed deposits have been growing in Qatar at a healthy rate. In 2009 when stock markets crash, individuals rushed to banks to park their money and fixed deposits increased by 20 percent to QR51.07bon at the end of 2009 from QR42.58bn in 2008.




The rush continued the following year also as fixed deposit grew by 27 percent



to QR64.89bn in 2010.



After that the deposits grew by five percent to QR68.27bn in 2011 and then by 6.7 percent to QR72.87bn in 2012



According to the experts, the growth in fixed deposits in Qatar is likely to continue in coming years as many investors do not like to invest money in stock markets because of their low risk appetite. For them



fixed deposits are the best bet because of the safety aspect



In 2013, November emerged as the best month for banks in terms of growth in fixed deposits. Fixed deposits clocked the highest growth of nine percent in November. These deposits grew to QR94.8bn at the



end of November from QR86.9bn at the end of October



In case of saving deposits, December was the best month for banks in terms of growth. Saving deposits registered the highest growth of 7.5 percent in December. These deposits grew to QR44bn at the end of December from QR41bn at the end of October


 


The Peninsula




  MENA News Headlines
 Feb 24 2017 - Abu Dhabi hosts Middle East Investment ConferenceEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 23rd February, 2017 (WAM) -- Middle East Investment Conference, organised by Informa in co-operation with the UAE Chartered Financial Analyst ...

 Feb 24 2017 - Abu Dhabi and Saudi Arabia non-oil trade stood at AED17 billion in 2016Emirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 23rd February, 2017 (WAM) -- The total value of non-oil trade between Abu Dhabi and Saudi Arabia reached AED17 billion in 11 months during 2016, ...

 Feb 24 2017 - UAE- Crown Prince of Fujairah opens Fujairah International Taekwondo ChampionshipEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) FUJAIRHA, 23rd February, 2017 (WAM) -- H.H. Sheikh Mohammed bin Hamad Al Sharqi, Crown Prince of Fujairah, has stressed the importance of developing the game ...

 Feb 24 2017 - Performers of dangerous car stunts ordered to clean Dubai streets for four hours daily for 30 daysEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 23rd February, 2017 (WAM)--Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, has issued orders to ...

 Feb 24 2017 - Joint Incidents Assessment Team on Yemen issues statement on number of incidentsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) RIYADH, 23rd February, 2017 (WAM)--Joint Incidents Assessment Team (JIAT) , has stressed the safety of procedures implemented by the coalition forces in ...

 Feb 24 2017 - UAE- Mohamed bin Zayed, British PM discuss friendship, co-operation -Final AddEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) LONDON, 23rd February, 2017 (WAM) -- His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed ...

 Feb 24 2017 - UAE- Custodian of The Two Holy Mosques, Somali President discuss cooperation, latest developmentsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) RIYADH, 23rd February, 2017 (WAM)--The Custodian of The Two Holy Mosques, King Salman bin Abdulaziz Al Saud of Saudi Arabia, discussed with President Mohamed ...

 Feb 24 2017 - Sharjah Consultative Council Chairperson presents UAE experience on youth empowerment in LuxorEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) LUXOR, EGYPT, 23rd February, 2017 (WAM)--Khawla Abdul Rahman Al Mulla, Chairperson of the Sharjah Consultative Council, SCC, has commended the UAE ...

 Feb 24 2017 - GCC Secretary-General and British Minister discuss relationsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) RIYADH, 24th February, 2017 (WAM) -- Dr. Abdullatif bin Rashid Al-Zayani, Secretary-General of the Gulf Cooperation Council, met on Thursday with Tobias ...

 Feb 24 2017 - UAE- Al Tayer receives Chinese Consul-GeneralEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 24th February, 2017 (WAM) -- Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority, DEWA, has received Li Lingbing, ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help