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07 June 2023

Cheques worth Dh1.2 trillion handled in 11 months

By Wam

A total of 22.5 million cheques worth AED1.2 trillion were handled by the UAE Clearing Cheque System during the first eleven months of 2018, according to statistics released today by the Central Bank of United Arab Emirates (CBUAE).

The cheques handled during the period from January through November account for 80 percent of the total value of cheques handled throughout 2017, which stands at AED1.5 trillion.

On a monthly level, 2.1 million cheques worth AED97.8 billion were handled during November against AED118.2 billion during the same month last year.

March was the best performing month, during which a total of 2.4 million cheques worth AED118.5 billion were handled followed by October, AED115 billion; January AED112.3 billion; April AED112 billion, while August saw the lowest activity with a total cheque value of AD91.2 billion.

Cash withdrawals from the CBUAE during the first 11 months of 2018 surged to AED217.2 billion, while deposits stood at AED215 billion during the same period.