Funds in circulation outside UAE-based banks amounted to Dh67.5 billion ($18.4 billion) in 10 months of 2017, a growth of 8.3 per cent from Dh62.3 billion by the end of 2016, a media report said.

Currency in circulation outside banks makes up one part of the Money Supply M1, which also includes currency issued, cash at banks and monetary deposits, reported Emirates news agency Wam.

The increase in funds in circulation outside banks reflects growing needs on the part of individuals and organisations alike for cash to meet their daily requirements, which reflects the overall momentum experienced on multiple economic sectors.

The first quarter of 2017 saw the largest circulation of cash outside banks, which increased by the end of March to Dh65.4 billion against Dh62.3 billion in December 2016.

Cash levels increased in Q2, raising the aggregate funds in circulation outside banks to Dh67.4 billion by the end of June, before declining at early Q3 to Dh64.4 billion and then rebounded anew in October to Dh65.1 billion and then upped to Dh67.5 billion during November.

Money Supply M1 increased in 10 months of 2017 by Dh16.2 billion, surging to a total of Dh490.3 billion by the end of November, according to Central bank Statistics.