Total bank deposits in UAE drop, but money in circulation grows: central bank data
Funds deposited in banks by residents, non-residents drop in January 2019
Dubai: The UAE Central Bank monthly bulletin for the month of January showed an increase in both money in circulation and long-term deposits. However, short-term deposits decreased when compared with December figures.
The 0.1 per cent increase in coins and money in circulation, to reach Dh486 billion at the end of January 2019, followed a Dh600 million increase in currency in circulation outside banks, the bulletin carried by WAM said.
Long-term deposits also increased by 0.05 per cent to Dh1.60 trillion at the end of last month due to an increase in government deposits.
However, short term deposits fell 0.2 per cent due to a Dh3.3 billion reduction in near money. Short-term deposits reached Dh1,31 trillion at the end of last January compared to a month earlier.
“During January 2019, total bank deposits fell by Dh1 billion, due to Dh0.1 billion and Dh0.9 billion decreases in resident deposits and non-resident deposits, respectively,” the bulletin said.