437.4 billion dirhams of foreign assets of the “bank” at the end of July

51 billion dirhams of excess liquidity that banks placed with the “Central” within a month

Total issued cash amounted to 114.9 billion dirhams at the end of last July.

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In an increase that is the largest in years, within a month, banks operating in the country and other financial institutions raised the balance of their current accounts by 51 billion dirhams, bringing the cumulative balance of this item, at the end of last July, to 144.5 billion dirhams, compared to 93.6 billion dirhams at the end of June With a growth rate of 54.4%, according to data released yesterday by the Central Bank.

A high-ranking banker told "Emirates Today", who preferred not to be named, that "these amounts constitute excess liquidity that banks keep in their current accounts with the Central Bank for several purposes, including settling checks clearing among themselves, or exchanging them for foreign currencies to pay their dollar payments to banks. Correspondence.”

He added, "All the banks' transactions with each other are carried out through the Central Bank platform, and this requires the presence of current balances, and their increase reflects strong liquidity surpluses resulting from the increase in deposits."

The source indicated that "there is a significant increase in bank deposits in banks, and this in turn is reflected in the volume of surpluses that banks can direct to the Central Bank for their current accounts."

The Central Bank's data also revealed that it owns foreign assets that amounted to 437.4 billion dirhams at the end of last July, compared to 433.4 billion dirhams at the end of the previous June, with a monthly increase of four billion dirhams.

The statistics indicated that these foreign assets include bank balances and deposits with banks abroad worth 252.7 billion dirhams, in addition to foreign securities held to maturity worth 133.4 billion dirhams, in addition to other assets worth 51 billion dirhams.

It also indicated that the total issued cash amounted to 114.9 billion dirhams at the end of last July, compared to 118.1 billion dirhams at the end of the previous June, a decrease of 3.2 billion dirhams.

The statistics indicated that cash deposits rose to 622 billion dirhams last July, with an annual growth rate of 11%, compared to 560 billion dirhams in the previous July.

The monetary base rose by 7.55% to reach 469.9 billion dirhams last July, compared to 436.9 billion dirhams in July 2021.

Cash deposits rise 11% to 622 billion dirhams at the end of last July.

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