Banknotes in circulation continue to decline in the face of electronic payment

Right-handed shape

It recorded a decline of 3% during the third quarter of 2024

The total number of banknotes in circulation during the third quarter of the year 2024 decreased by 3% compared to the previous quarter, as the total amounted to 649.5 million banknotes of various denominations, while cash coins remained constant at a total of 23.2 million pieces, at a time when this decline is attributed to the recovery of electronic payment methods.

According to banking statistics issued by the Central Bank of Bahrain last November, banknotes in the third quarter of 2024 recorded a total of 649.5 million notes, including 506.1 million twenty-dinar notes, 67.9 million ten-dinar notes, and 35.1 million notes. One million five-dinar notes, 28 million dinar notes, and 12.4 million half-dinar notes, while the total number of coins was Cash: 23.2 million pieces.

The total cash in circulation during the third quarter of last year amounted to 672.7 million dinars, a slight decrease from the second quarter of 2024, which recorded 695 million dinars, including 128.3 million dinars in banks, and 544.4 million dinars in circulation outside them.

Last March also recorded the highest amount of cash in circulation among the months of the year, as the total amount of cash in circulation amounted to 707 million dinars, of which 205.6 million dinars were in banks, and 501.4 million dinars were circulated outside banks.

The average interest rates on industrial loans were the highest last November, reaching 7.25%, followed by the construction and construction sector at 6.51% and trade at 6.02%, while the average interest rates on personal loans were 5.19% and credit cards at 21.19%, in contrast. The average profit rates on deposits and loans for Islamic retail banks during December reached 5.79%.

The decrease in banknotes in circulation is due to the use of electronic payment methods available on smartphones, as Benefit Company revealed the completion of transactions with a total value of 16.4 billion dinars for all electronic financial transfer services (Fawry, Fawry Plus, and invoices), during the first half of 2024, an increase A tangible increase in value of 14.5% compared to the first half of 2023.

The Electronic Money Transfer System (EFTS), which includes Fawry Plus, Fawry and Invoice services, achieved an increase in volume of 25.0%, from 170.7 million transactions during the first half of 2023 to 213.4 million transactions in the first half of 2024.