According to official data released on Thursday, cash deposits at UAE-based banks increased by 5.5% YoY to reach $179.7 billion (AED 660.1 billion) in April 2023.
This is compared to $170.4 billion (AED 626 billion) in the same period last year. However, cash deposits only rose by 1.95% MoM in April and by 3.9% during the first four months of 2023.
Semi-cash deposits, which include time deposits and savings deposits, increased by 25.3% YoY to $285.3 billion (AED 1.05 trillion) in April. Meanwhile, government deposits rose by 44.7% YoY to $114.7 billion (AED 421.4 billion) in April, and issued cash increased by 7.3% to $36.2 billion (AED 133.1 billion) by the end of April.
The monetary base also surged by 23.4% YoY to $163.5 billion (AED 600.7 billion) in April 2023.
