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National Economy’s Cash Trades Increase By AED29.8 Billion In 2019 |
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The value of traded cash in the national economy increased by AED29.8 billion in 2019, a rise of 7.8 percent, according to the latest figures issued by the Central Bank of the UAE. The figures also show that the balance of the country’s monetary base increased over the past year to AED409.5 billion, compared to AED379.7 billion in 2018. According to internationally enforceable monetary standards, the monetary base is an indicator of the amount of money in circulation in the economy of a particular country, to which is added the volume of deposits of banks operating in the state with the central bank. The increase registered in the deposit certificate held by the Central Bank of the UAE, which accounted for AED160.2 billion during the past year, contributed to the rise in the monetary base, as well as a rise in issued cash balance from AED85.8 billion in December 2018 to AED93.7 billion in December 2019. The balance of the mandatory reserves of banks increased from AED120.6 billion to AED129.7 billion during the same reporting period, while the balance of the surplus reserves of banks and other financial institutions decreased from AED35.1 billion to AED25.9 billion. |
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