A total of 22.5 million cheques worth Dh1.2 trillion ($326 billion) 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 Dh1.5 trillion, reported state-run Wam.

On a monthly level, 2.1 million cheques worth Dh97.8 billion were handled during November against Dh118.2 billion during the same month last year.

March was the best performing month, during which a total of 2.4 million cheques worth Dh118.5 billion were handled followed by October, Dh115 billion; January Dh112.3 billion; April Dh112 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 Dh217.2 billion, while deposits stood at Dh215 billion during the same period.