CBUAE reports increase in cash deposits, marking an annual increase of 10.2%
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The Central Bank of the United Arab Emirates (CBUAE) released data showing that cash deposits rose to AED 687.2 billion in October, marking a substantial year-on-year increase of 10.2 percent, or AED 63.7 billion, in compared to AED 623.5 billion in October 2022.
Breaking it down further, the central bankCash aggregates statistics reveal a monthly increase of 0.19 percent, or AED 1.3 billion, compared to around AED 685.9 billion in September 2023.
During the first ten months of this year, cash deposits increased by 8.12 percent compared to about AED 635.6 billion at the end of last year, an increase of AED 51.6 billion.
Quasi-cash deposits rose to AED 1.123 trillion in October, up 24 percent year-on-year from AED 906.3 billion in October 2022, up AED 216.7 billion.
Quasi-cash deposits increased by 0.93 percent month-on-month, equivalent to AED 10.4 billion, compared to AED 1.112 trillion in September 2023.
Quasi-cash deposits in the UAE increased by approximately 16.24 per cent during the first ten months of this year, compared to AED 966.1 billion at the end of last year.
According to the central bank, quasi-cash deposits are term deposits and savings deposits in dirhams for residents, in addition to resident deposits in foreign currency. Cash deposits, on the other hand, 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 AED 454.4 billion in October 2022, an increase of 4.34 percent year-on-year compared to AED 435.5 billion in October 2022, an increase of 18 .9 billion AED. On a month-on-month basis, government deposits increased by 2.53 percent compared to AED 443.2 billion in September.
Statistics pointed to an increase in the amount of currency in circulation to AED 129.3 billion at the end of October, an increase of 11.75 percent year-on-year compared to AED 115.7 billion in October 2022 , and an increase of 1.65 percent monthly. base compared to AED 127.2 billion in September.
In a related context, central bank Statistics showed that the monetary base increased by 29 percent year-on-year to reach AED 596.9 billion in October, compared to AED 462.7 billion in October 2022, an increase of AED 134.2 billion of AED.
The monetary base includes AED 210.7 billion in monetary licenses and Islamic certificates of deposit, AED 80.2 billion in current accounts of banks and other financial institutions at the Central Bank and demand deposits of banks in the central bankAED 129.3 billion in currency in circulation, which includes currency outside banks as well as currency in banks, and AED 176.7 billion in reserve account.
News source: Emirates News Agency
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