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Cash deposits in the UAE increased to 645.2 billion dirhams last January, an increase of 5.6%, or 34.1 billion dirhams, on an annual basis, compared to 611.1 billion dirhams in January 2022.
According to the statistics of cash aggregates of the Central Bank, cash deposits increased by 1.53%, or 9.7 billion dirhams, in January, compared to about 635.5 billion dirhams at the end of December 2022.
Semi-cash deposits rose to 967.8 billion dirhams at the end of January, an increase of 110.9 billion dirhams, or 12.9% year-on-year.
Semi-cash deposits include time and savings deposits for residents in dirhams, in addition to deposits for residents in foreign currency, while “cash deposits” are defined as all short-term deposits that a bank customer can withdraw on the basis of without prior notice.
government deposits
Government deposits increased to 404.1 billion dirhams in January, a growth of 37.8% year on year, or 110.9 billion dirhams, from 293.2 billion dirhams at the end of January 2022.
The issued cash increased to 123 billion dirhams in January 2023, an increase of 10.8% compared to about 123 billion dirhams in January 2022. The issued cash was distributed by 16.1 billion dirhams for cash in banks and 106.9 billion dirhams for cash circulating outside banks, by the end of last January.
monetary base
Likewise, the monetary base increased to reach 536.4 billion dirhams in January 2023 compared to 481.2 billion in January 2022, an increase equivalent to 55.2 billion dirhams or 11.5% on an annual basis.
The monetary base includes 165.7 billion dirhams for certificates of deposit and cash promissory notes, 144.9 billion dirhams for current accounts of banks and other financial institutions at the Central Bank, and 123 billion dirhams for exported cash, including cash circulating outside banks, in addition to cash in banks and 102.8 billion dirhams for the reserve account.
