UAE: CBUAE reports 8.6 percent growth in cash deposits in 12 months

The cash deposits increased by 7.35 percent during the first 11 months of the previous year, reaching around AED635.6 billion at the end of 2022, a growth equivalent to AED46.7 billion.

It further noted that quasi-cash deposits rose to AED1.138 trillion in November of the previous year, with an annual increase of approximately 20 percent, compared to AED948.4 billion in November 2022, registering an increase of AED189.6 billion.

The apex bank pointed out that quasi-cash deposits increased on a monthly basis by about 1.34 percent, equivalent to AED15 billion, compared to around AED1.123 trillion in October 2023. Moreover, during the first 11 months of the previous year, quasi-cash deposits increased by about 17.8%, compared to AED966.1 billion at the end of 2022.

Quasi-cash deposits, according to the Central Bank, include term deposits and savings deposits for residents in dirham, 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.

Central Bank statistics showed that government deposits increased to AED453.2 billion in November 2023, growing by 3.8 percent on a year-on-year basis compared to AED436.7 billion in November 2022. This reflects an increase of AED16.5 billion. Furthermore, during the first 11 months of the previous year, government deposits increased by about 12.3 percent, compared to AED403.6 billion in December 2022.

The statistics pointed to an increase in currency issued to approximately AED133.8 billion at the end of last November, marking a year-on-year growth of 10.4 percent compared to about AED121.2 billion in November 2022. Additionally, there was a monthly increase of about 3.5 percent compared to around AED129.3 billion in October of the same year.(ANI/WAM)