Today's Edition
ABU DHABI (WAM)
The Central Bank of the United Arab Emirates (CBUAE) reported an increase in cash deposits to Dh682.3 billion in November 2023, marking a year-on-year growth of 8.6 per cent, or the equivalent of Dh54 billion, compared to Dh628.4 billion in November 2022.
The cash deposits increased by 7.35 per cent during the first 11 months of the previous year, reaching around Dh635.6 billion at the end of 2022, a growth equivalent to Dh46.7 billion.
It further noted that quasi-cash deposits rose to Dh1.138 trillion in November of the previous year, with an annual increase of approximately 20 per cent, compared to Dh948.4 billion in November 2022, registering an increase of Dh189.6 billion.
The apex bank pointed out that quasi-cash deposits increased on a monthly basis by about 1.34 per cent, equivalent to Dh15 billion, compared to around Dh1.123 trillion in October 2023. Moreover, during the first 11 months of the previous year, quasi-cash deposits increased by about 17.8 per cent, compared to Dh966.1 billion at the end of 2022.
Quasi-cash deposits, according to the Central Bank, include term deposits and savings deposits for residents in dirhams, in addition to deposits for residents in foreign currency. On the other hand, cash deposits are defined as all short-term deposits that a bank customer can withdraw without prior notice.
Government deposits increased to Dh453.2 billion in November 2023, growing by 3.8 per cent on a year-on-year basis compared to Dh436.7 billion in November 2022, an increase of Dh16.5 billion. Furthermore, during the first 11 months of the previous year, government deposits increased by about 12.3 per cent, compared to Dh403.6 billion in December 2022.
The statistics pointed to an increase in currency issued to approximately Dh133.8 billion at the end of last November, marking a year-on-year growth of 10.4 per cent compared to about Dh121.2 billion in November 2022. Additionally, there was a monthly increase of about 3.5 per cent compared to around Dh129.3 billion in October of the same year.
