Media ININ Economy We Trust
Media In Abu Dhabi 21 November 2018 (WAM)
Government deposits rose to a record level of 300 billion dirhams at the end of the first ten months of this year, an increase of 42% by 89 billion dirhams compared to 211 billion dirhams at the end of 2017.
All monetary indicators of the banking system in the UAE, which are monitored by the Central Bank, have shown good growth, enhancing the solvency of the bank, which has become one of the largest sectors in the Middle East.
With the continuous development of these indicators, the total monetary aggregates of the banking system, in its comprehensive concept (N3) in the UAE increased by 1.566 trillion dirhams during the first ten months of this year, an increase of 79 billion dirhams compared with 1.487 trillion dirhams at the end of 2017.
In addition to the growth in government deposits at the end of last October, the value of bank deposits amounted to 408 billion dirhams and cash deposits of 788 billion dirhams.
Cash in circulation reached AED 83.8 billion at the end of October, while the balance of cash in circulation at the public / outside banks reached 69 billion dirhams during the same monitoring period, according to the Central Bank of Egypt.
On the other hand, the Central Bank of UAE’s foreign currency balance reached AED 327 billion during October of 2018.
According to Central Bank statistics released today, bank balances and deposits with banks abroad stood at 256.3 billion dirhams last October. The central bank’s standards do not include in its account of foreign assets the bank’s reserve and special drawing rights (SDRs) with the International Monetary Fund.
In terms of the movement of the developments of the monetary base, it amounted to 350 billion dirhams in October, of which 126.8 billion dirhams for the certificate of deposits and about 121.8 billion dirhams for the reserve balance of banks and 83.8 billion dirhams for cash and the balance of current accounts of banks with the Central Bank 18.2 billion AED.
