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According to figures for off-balance sheet items released by the Central Bank of the UAE, the aggregated memoranda accounts of banks in the United Arab Emirates for letters of credit totaled AED 100,629 million (USD 27,396 million) in November 2023, the highest reported since AED 104,807m in March 2023. Totals for guarantees reached AED 386,660m (USD 105,268m) in November 2023 the highest reported since AED 387,646m in December 2019.