Short- and long-term deposits rise in UAE

The monthly bulletin of the UAE Central Bank showed that both short- and longterm deposits increased in September, while money in circulation fell 0.8 per cent.

At the end of September, money in circulation reached Dh484.2 billion, down from 488.1 billion at the beginning of the month.

The decrease in circulated money, which includes banknotes and coins as well as other money equivalents that can easily be convertible into cash, came because of a decrease in monetary deposits.

The decrease overshadowed the Dh0.8 billion increase in circulated currency outside the banks, said the bank’s statement, which was carried by WAM.

At the same time, shortterm deposits increased by 1 per cent in September to Dh1291.1 billion. Also, government deposits increased by 1.5 per cent to Dh1579.8 billion, the statement said.

Gross bank assets, including bankers’ acceptances, and gross credit increased by 1.4 per cent and 0.3 per cent respectively.

Total bank deposits increased by Dh25.3 billion, due to a Dh20.8 billion increase in Resident Deposits and a Dh4.5 billion increase in Non-Resident Deposits,” the statement said.

1.4% Increase in UAE’s gross banking assets