8.1 trillion dirhams of remittances in the banking sector

Government deposits in local banks rise 94.8 billion dirhams in 8 months

Cash withdrawals from the “Central” recorded 135.8 billion dirhams in 8 months.

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Government deposits in local banks increased during the first eight months of this year 2022 by a value of 94.8 billion dirhams, reaching at the end of last August 388.4 billion dirhams, compared to 293.6 billion dirhams at the end of last year, a growth of 32.3%, according to data issued by the Central Bank. , yesterday.

During August 2022 alone, government deposits increased by 26.1 billion dirhams, bringing the total government deposits in banks at the end of the month to 388.4 billion dirhams, compared to 362.3 billion dirhams at the end of the previous July, with a monthly growth of 7.2%.

National banks account for more than 95% of government deposits in the UAE, while high oil prices contribute to achieving strong financial surpluses, which are positively reflected in the increase in these deposits, which in turn constitute an important source of liquidity in the banking sector.

The data also showed that the monetary base of the UAE recorded at the end of last August 475.4 billion dirhams, compared to 483.9 billion dirhams at the end of last December, a decrease of 8.5 billion dirhams.

The foreign assets of the Central Bank amounted to 437.7 billion dirhams at the end of last August, compared to 466.5 billion dirhams at the end of December 2021, a decrease of 28.8 billion dirhams, and a negative change of 6.2%.

The data showed that the value of remittances in the banking sector during the first eight months of this year amounted to 8.1 trillion dirhams, of which 4.95 trillion dirhams were transfers between banks, and 3.16 trillion dirhams between dealers, while during the month of August alone it amounted to 1.064 trillion dirhams.

In turn, the checks that were cleared through the check clearing system using their optical images of the Central Bank recorded 808 billion dirhams for 14.4 million checks.

According to the data, cash withdrawals from the Central Bank during the first eight months of this year amounted to 135.8 billion dirhams, compared to deposits of 134.4 billion dirhams during the same period.

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