UAE – Mubasher: Cash deposits at Emirati banks rose by 11% year-on-year (YoY) to AED 725.8 billion in February 2024 from AED 654.6 billion.
Month-on-month (MoM), cash deposits in the UAE’s banks grew 1.92% in February from AED 712.1 billion in January, according to the Emirates News Agency (WAM).
Quasi-cash deposits jumped 27.40% to AED 1.258 trillion in February 2024 from AED 987.4 billion.
As per the CBUAE’s definition, quasi-cash deposits include resident's dirham term and savings deposits, plus resident deposits in foreign currency. Cash deposits are short-term deposits you can withdraw without notice.
It is worth noting that total foreign assets at the CBUAE leapt 40.20% YoY to AED 708 billion at the end of February 2024 from AED 505.10 billion.
