Central Bank of UAE : The Central Bank of the United Arab Emirates (CBUAE) has unveiled data revealing a surge in cash deposits, reaching AED682.3 billion in November 2023. This represents an 8.6% year-on-year (YoY) increase, translating to AED54 billion, in contrast to the AED628.4 billion recorded in November 2022.
Over the first 11 months of the preceding year, cash deposits experienced a 7.35% rise, culminating in approximately AED635.6 billion by the close of 2022, reflecting a growth of AED46.7 billion.
What is mentioned in report of Central Bank of UAE
The report also underscored a substantial increase in quasi-cash deposits, reaching AEDL138 trillion in November of the previous year. This marks an annual surge of around 20%, a notable contrast to the AED 948.4 billion recorded in November 2022, signifying an increment of AED189.6 billion.
The central bank (Central Bank of UAE) emphasized that quasi-cash deposits observed a monthly uptick of about 1.34%, equivalent to AED15 billion, in comparison to the approximately AED1.123 trillion noted in October 2023.
Additionally, throughout the initial 11 months of the preceding year, quasi-cash deposits demonstrated a remarkable growth of approximately 178%, relative to AED966.1 billion at the conclusion of 2022. Quasi-cash deposits, as defined by the Central Bank, encompass term deposits and savings deposits for residents in dirham, as well as deposits for residents in foreign currency.
In contrast, cash deposits are characterized as all short-term deposits that a bank customer can withdraw without prior notice.
Central Bank (Central Bank of UAE) statistics unveiled a noteworthy AED453.2 billion increase in government deposits in November 2023, reflecting a 3.8% YoY growth compared to the AED 436.7 billion recorded in November 2022, marking an uptick of AED16.5 billion.
Moreover, over the initial 11 months of the previous year, government deposits surged by about 12.3%, relative to AED403.6 billion in December 2022.
The data highlighted a notable increase in currency issued, reaching approximately AED133.8 billion at the close of November, indicating a 10.4% YoY growth compared to the approximately AED121.2 billion recorded in November 2022. Additionally, there was a monthly increase of about percent compared to around AED129.3 billion in October of the same year.
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