Cash deposits rose to 628.4 billion dirhams last November

Cash deposits rose to 628.4 billion dirhams last November
Cash deposits rose to 628.4 billion dirhams last November
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The UAE Central Bank revealed that cash deposits increased to 628.4 billion dirhams last November, an increase year-on-year by 6.3%, or the equivalent of 37.2 billion dirhams, compared to 591.2 billion dirhams in November 2021.

And the Central Bank indicated, in the statistics of the country’s monetary totals, that semi-cash deposits rose to 948.4 billion dirhams last November, an increase on an annual basis of about 14.1%, compared to 831.1 billion dirhams in November 2021, an increase equivalent to 117.3 billion dirhams.
And “semi-cash deposits”, according to the Central Bank, are time deposits and savings deposits for residents in dirhams in addition to deposits for residents in foreign currency, while “cash deposits” are defined as all short-term deposits that a bank customer can withdraw on the basis of without prior notice.

According to Central Bank statistics, government deposits increased to 432.1 billion dirhams last November, with an annual growth of 38.05%, compared to 313 billion dirhams in November 2021, an increase equivalent to 119.1 billion dirhams.

The statistics showed an increase in the issued cash to 121.2 billion dirhams at the end of last November, an increase of 8% on an annual basis, compared to 112.2 billion dirhams in November 2021. The cash issued was distributed by 19.9 billion dirhams for cash in banks and 101.3 billion dirhams for cash circulating outside banks, in November Past.

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In a related context, Central Bank statistics showed an increase in the monetary base, on an annual basis, by 5.3%, to reach 486 billion dirhams last November, compared to 461.7 billion dirhams in November 2021, an increase equivalent to 24.3 billion dirhams.

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The monetary base includes about 153.9 billion dirhams for certificates of deposit and cash promissory notes, 118.1 billion dirhams for current accounts of banks and other financial institutions at the Central Bank, and 121.2 billion dirhams for issued cash, which includes cash circulating outside banks in addition to cash in banks, and 92.8 billion dirhams for the reserve account.

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