Deposits rose to AED 155.8 billion during June 2019

29-07-2019 Abu Dhabi
The Central Bank of UAE (CBE) has raised its certificates of deposit to a record level in the first half of 2019 after reaching 155.8 billion dirhams at the end of June, according to the bank’s statistics, which show its return to withdraw excess liquidity at banks.
In a sign of the Central Bank’s return to this trend, the value of excess liquidity withdrawn during the month of June this year about 8.8 billion dirhams compared to May of the same year.
During the first three months of this year, the central bank continued to withdraw excess liquidity in the market due to its availability with the banking system in the country. The central bank usually withdraws liquidity to prevent banks from employing it in a manner inconsistent with the monetary policy of the central bank. To serve the national economy.
The Central Bank figures show that the value of liquidity withdrawn from the beginning of 2019 to the end of February was about 8 billion dirhams before returning to pump some of them during March, where the balance of certificates of deposit to about 139.2 billion dirhams.
In April this year, the central bank resumed its approach of withdrawing liquidity, which also continued in May and June.
It is noteworthy that certificates of deposit is one of the tools used by the Central Bank to achieve the objectives of monetary policy and management of liquidity in the market, in addition to other tools contribute mostly to control the movement of cash and serve the national economy.