Abu Dhabi – Mubasher: Government deposits at banks operating in the UAE surged AED 89 billion, or 42%, to AED 300 billion in the first ten months of this year, compared to AED 211 billion a year ago, the Central Bank of the UAE’s (CBUAE) data.

The financial indicators of the GCC country’s banking sector have shown a robust growth that in return boosts the financial solvency of the sector.

Money supply (M3) in the UAE jumped AED 79 billion to AED 1.566 trillion from January to October, versus AED 1.487 trillion last year, the bank’s data added.

Cash deposits amounted to AED 408 billion, while quasi-monetary deposits reached AED 788 billion in the January-October period of 2018.

Currency issued amounted to AED 83.8 billion, while Currency in circulation outside banks stood at AED 69 billion by the end of October. 

The central bank’s foreign-currency credit hit AED 327 billion last month

The bank's balance and deposits abroad reached AED 256.3 billion.

The value of certificates of deposits, required reserve ratio, currency issued, and banks’ current accounts in the central bank amounted to AED 126.8 billion, AED 121.8 billion, AED 83.8 billion, and AED 18.2 billion, respectively.