«Central»: It reached 108.8 billion dirhams at the end of August
3 billion dirhams, a decrease in the cash used within a month
Many customers prefer to pay by cards and applications.
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Awatef Al-Harmoudi: "There is a strong trend from customers to use the smart services provided by digital transformation."
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The latest data issued by the Central Bank revealed that the cash used in the local market, such as "bank notes" and coins in addition to its counterpart in banks, witnessed a decrease of about three billion dirhams during last August.
The Central Bank stated that the total issued cash, which includes the cash circulating in the market alongside the "cash" inside the banks, reached by the end of last August 108.8 billion dirhams, compared to 111.8 billion dirhams, at the end of last July, a decrease of three billion dirhams during a month.
The banking expert, Awatef Al-Harmoudi, said that there is a strong trend of individual and corporate clients to use the smart services provided by digital transformation in various sectors, especially the banking sector.
Al-Harmoudi added to "Emirates Today", that many customers prefer to pay through cards and applications on their mobile phones, and thus the carrying of "cash" is much less in terms of paper and metal money.
She indicated that during the past years, banks have spent tens of millions of dirhams to develop their technical infrastructure and digital transformation, so they did not find much difficulty with full implementation during and after the spread of the Corona virus.
Al-Harmoudi indicated that banks also educated customers in a simple and easy way on how to use smart services, which made them accessible to all, expecting that the coming period will witness further reducing dependence on cash and focusing on the use of electronic banking services of all kinds.
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