The monthly bulletin of the UAE Central Bank showed that both short and long-term deposits have increased last September, while money in circulation recorded a decrease by 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 of circulated money, which includes notes and coin in as well as other money equivalents that can easily convertible into cash, came because of a decreased in monetary deposits. The decrease overshadowed Dh0.8 billion increase in circulated currency outside the banks, said the bank’s statement, which was carried by WAM.

At the same time, short-term deposits increased by 1 per cent during the month of September and reached Dh1291.1 billion at the end of last month. Also, the government deposits, during the same period increased by 1.5 per cent and reached 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 during the month of September 2018, increased by Dh25.3 billion, due to an Dh20.8 billion increase in Resident Deposits and an Dh4.5 billion increase in Non-Resident Deposits,”, the statement said.