CBUAE reports an 8.6% increase in cash and quasi-cash deposits
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The Central Bank of the United Arab Emirates (CBUAE) reported an increase in cash deposits to AED 682.3 billion in November 2023, representing a year-on-year growth of 8.6 percent, or the equivalent of AED 54 billion , compared to AED 628.4 billion in November 2022. .
Cash deposits increased by 7.35 percent during the first 11 months of the previous year, reaching around AED 635.6 billion by the end of 2022, a growth equivalent to AED 46.7 billion.
It further noted that quasi-cash deposits increased to AED 1.138 trillion in November last year, with an annual increase of approximately 20 percent, compared to AED 948.4 billion in November 2022, recording an increase of AED 189.6 billion.
The apex bank noted that quasi-cash deposits increased monthly by around 1.34 percent, equivalent to AED 15 billion, compared to around AED 1.123 trillion in October 2023. Furthermore, during the first 11 months From the previous year, Cash deposits increased by approximately 17.8%, compared to AED 966.1 billion at the end of 2022.
Quasi-cash deposits, according to the Central bank, They include time deposits and resident savings deposits in dirhams, as well as resident deposits 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 rose to AED 453.2 billion in November 2023, growing 3.8 percent year-on-year compared to AED 436.7 billion in November 2022. This reflects an increase of AED 16.5 billion. Furthermore, during the first 11 months of the previous year, government deposits increased by around 12.3 percent, compared to AED 403.6 billion in December 2022.
Statistics pointed to an increase in issued currency to approximately AED 133.8 billion at the end of last November, marking a year-on-year growth of 10.4 percent compared to approximately AED 121.2 billion in November 2022. Furthermore , there was a monthly increase. increase of around 3.5 percent compared to around AED 129.3 billion in October of the same year.
News source: Emirates News Agency
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