The Central Bank: Cash deposits rose 6.7% to 654.6 billion dirhams at the end of February

Abu Dhabi, May 18 / The Central Bank of the Emirates revealed that cash deposits increased to 654.6 billion dirhams last February, an increase on an annual basis of 6.7%, or the equivalent of 41.2 billion dirhams, compared to 613.4 billion dirhams in February 2022.

And the Central Bank stated, in the statistics of the country’s monetary totals, that cash deposits increased on a monthly basis by 1.46%, equivalent to 9.4 billion dirhams, compared to about 645.2 billion dirhams in January 2023.

He stated that semi-cash deposits rose to 987.4 billion dirhams last February, an annual increase of about 15%, compared to 858.2 billion dirhams in February 2022, an increase equivalent to 129.2 billion dirhams.

The Central Bank indicated that semi-cash deposits increased on a monthly basis by more than 2%, or the equivalent of 19.6 billion dirhams, compared to about 967.8 billion dirhams in January 2023.

And “semi-cash deposits”, according to the Central Bank, are time deposits 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.

According to Central Bank statistics, government deposits increased to 380.8 billion dirhams last February, with an annual growth rate of 28%, compared to 297.5 billion dirhams in February 2022, an increase equivalent to 83.3 billion dirhams.

The statistics showed an increase in the issued cash to 123.6 billion dirhams at the end of last February, an increase of 8.8% on an annual basis, compared to 113.6 billion dirhams in February 2022. The cash issued was distributed by 16.2 billion dirhams for cash in banks and 107.4 billion dirhams for cash circulating outside banks, by the end of last February. .

In a related context, Central Bank statistics showed an increase in the monetary base, on an annual basis, by 11.8%, to reach 543.9 billion dirhams last February, compared to 486.7 billion dirhams in February 2022, an increase equivalent to 57.2 billion dirhams, while it increased on a monthly basis by about 1.4%, compared to 536.4. billion dirhams in January 2023.

The monetary base includes about 179.5 billion dirhams for certificates of deposit and cash promissory notes, 139.1 billion dirhams for current accounts of banks and other financial institutions at the Central Bank, and 123.6 billion dirhams for issued cash, which includes cash circulating outside banks in addition to cash in banks, and 101.7 billion dirhams for the reserve account.