I used it to buy certificates of deposit from the Central Bank.

6.1 billion dirhams of excess liquidity with banks

The surplus liquidity of the banks operating in the country increased, during last July alone, by 6.1 billion dirhams, which the banks employed to purchase certificates of deposit from the Central Bank in return for a pre-agreed interest.

Data issued by the Central Bank yesterday showed that the balance of deposit certificates owned by banks and cash bills rose by the end of July 2021, to reach 156.7 billion dirhams, compared to 150.6 billion dirhams at the end of June, which was preceded by a monthly increase of 6.1 billion dirhams.

According to the data, the Central Bank's foreign assets amounted to 404.3 billion dirhams at the end of July, compared to 403 billion dirhams at the end of the previous June, with a monthly increase of 1.3 billion dirhams.

These assets include balances in current accounts with banks outside the UAE, in addition to securities held to maturity, foreign bonds and other assets that the Central Bank did not name.

Statistics indicated that the assets of the Central Bank, denominated in dirhams, recorded at the end of last July 475.6 billion dirhams, compared to 476.2 billion dirhams at the end of June 2021, a decrease of 600 million dirhams.

The issued cash at the end of the comparison period amounted to 109.6 billion dirhams, compared to 110.9 billion dirhams at the end of the previous June, a decrease of 1.3 billion dirhams, while the liquid cash available at banks at the end of last July amounted to 15.7 billion dirhams, compared to 15.1 billion dirhams at the end of the previous June, while the cash amounted to Traded outside banks at the end of the comparison period is 93.9 billion dirhams, compared to 95.8 billion dirhams at the end of the previous June.

The figures showed that the number of checks that were cleared through the Central Bank system for clearing checks using their optical images, reached 1.65 million checks, with a total value of 86.4 billion dirhams.

404.3 billion dirhams of foreign assets of the Central Bank by the end of July 2021.

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