ALBAWABA - The Central Bank of the United Arab Emirates has reported an increase in cash deposits to UAE Dirham (AED) 645.2 billion ($175.7 billion) in January, up by 5.6 percent.
The figured compared to AED 611.1 billion ($166.4 billion) recorded in the corresponding period in 2022.
Semi-cash deposits increased to AED 967.8 billion ($263.5 billion), a rise of 12.9 percent, according to a bank report.
Government deposits also increased by 37.8 percent, the report said.
The cash base of the central bank also increased to AED 536.4 billion ($146.1 billion), representing an increase of 11.5 percent.
The report said that deposit growth in the UAE banking system remained strong last year, with an annual growth rate of 11.3 percent, while deposits exceeded loans by AED 341 billion ($92.8 billion), the highest level in seven years.
