A total of 22.5 million cheques are handled by the UAE Clearing Cheque System during the first 11 months of 2018
A total of 22.5 million cheques worth AED1.2 trillion ($330 billion) were handled by the UAE Clearing Cheque System during the first 11 months of 2018, according to statistics released by the Central Bank of the UAE (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 totalled AED1.5 trillion, state news agency WAM reported.
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 this year, during which a total of 2.4 million cheques worth AED118.5 billion were handled followed by October (AED115 billion) and January (AED112.3 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.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.