Central Bank: Semi-cash deposits exceeded one trillion dirhams in March, year-on-year growth of 19%.

Semi-cash deposits crossed the trillion dirham barrier to reach 1.029 trillion dirhams last March, compared to 865.2 billion dirhams in March, an increase of 19% or the equivalent of 163.9 billion dirhams, the Emirates Central Bank revealed. 2022.

In the country’s money supply figures for March 2023, the central bank said semi-cash deposits rose by 4.22% on a monthly basis to 41.7 billion dirhams, equal to 41.7 billion dirhams, compared to 987.4 billion dirhams in February 2023.

The central bank indicated that cash deposits rose 3.1% year-on-year to 647.5 billion dirhams in March 2022, compared to 628.1 billion dirhams in March 2022. 654.6 billion dirhams last February.

According to the central bank, “semi-cash deposits” 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 of a bank. Customer may withdraw without prior notice.

According to Central Bank data, government deposits increased to 407.5 billion dirhams last March, with an annual growth rate of 39.6%, compared to 291.9 billion dirhams in March 2022, an increase equivalent to 115.6 billion dirhams. About 7.01%, or equivalent to 26.7 billion dirhams. 380.8 billion dirhams last February.

Cash in circulation increased to 129.2 billion dirhams in March 2022 compared to 116.2 billion dirhams in March 2022, an increase of 11.2% year-on-year.

In a related context, the central bank’s figures showed that the foreign exchange reserves reached 568.9 billion dirhams last March, compared to 481 billion dirhams in March 2022, an increase equivalent to 87.9 billion dirhams, an increase of 18.3% on an annual basis and about 4.6% on a monthly basis compared to 543.9 billion dirhams in February 2023.

The monetary base is about 196 billion dirhams for certificates of deposit and cash guarantees, 148 billion dirhams for current accounts of banks and other financial institutions with the central bank, and 129.2 billion dirhams for money in issue, which additionally includes money in circulation outside banks. 95.7 billion dirhams in cash and balances in banks.