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
 Aug 24 2016 - Kuwait- OPEC basket price down to USD 45.34 pbKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) VIENNA, Aug 24 (KUNA) -- The price of OPEC basket was down by 70 cents to settle at USD 45.34 per barrel Tuesday as oppose to USD 46.04 pb the day before, said a ...

 Aug 24 2016 - Kuwait top leaders express solace fo Singapore on demise of ex-presidentKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, Aug 24 (KUNA) -- His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah has addressed a cable of condolences to Singaporean Presidnt Tony Tan on ...

 Aug 24 2016 - GCC joint institution presents works at Jordan-hosted festivalKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) AMMAN, Aug 24 (KUNA) -- The GCC Joint Programs Production Institution (GCCJPPI) will showcase three works at Jordan-hosted Third Media Festival The institution's ...

 Aug 24 2016 - Turkish Pres. says terrorism in Syria needs to stopKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) ISTANBUL, Aug 24 (KUNA) -- A military operation has been launched into Syria with the aim of putting an end to frequent attacks targeting Turkey, President Recep ...

 Aug 24 2016 - Bahrain hails support by Kuwait to kingdomKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) MANAMA, Aug 24 (KUNA) -- Bahraini Prime Minister Prince Khalifa bin Salman Al-Khalifa praised Wednesday the deeply rooted ties and support by the State of Kuwait ...

 Aug 24 2016 - Kuwait- Briefing of KUNA main news for Wednesday until 12:00 GMTKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT - His Highness the Amir Sheikh Sabah Al-Ahmad voices sorrow over powerful quake that left scores dead in Italy in cable to Italian President. ROME - ...

 Aug 24 2016 - Syrian Gov't deplores blatant Turkish interventionKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) AMMAN, Aug 24 (KUNA) -- The Syrian Government on Wednesday condemned Turkey's military intervention in the country's north. Turkish ground forces, equipped with ...

 Aug 24 2016 - Kuwait head of Arab tariffs cmte for 6th timeKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) CAIRO, Aug 24 (KUNA) -- The State of Kuwait has been elected for the sixth consecutive time as chair of Arab panel charged with tackling tariff exemption namely ...

 Aug 24 2016 - Kuwait- Health Min. patients returning home completed their treatmentKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, Aug 24 (KUNA) -- Minister of Health Dr. Ali Al-Obaidi said on Wednesday that Kuwaiti "patients who returned from abroad have fully completed their ...

 Aug 24 2016 - Kuwait- Gov't touts South Saad Al-Abdullah project as first Smart CityKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) By Khaled Al-Mutairi KUWAIT Aug 24, (KUNA) -- The government is working laboriously to ensure the success of the South Saad Al-Abdullah housing project, ...

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

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