Page 125 - Annual Report 2019

122 ANNUAL REPORT 2019 QFC REGULATORY AUTHORITY FINANCIAL STATEMENTS

8. Cash and Cash Equivalents

Cash and cash equivalents included in the statement of cash flows consist of the following:

2019 2018
USD ‘000 USD ‘000
Bank balances 5,919 3,656
Short-term deposits* 24,007 26,082

Cash and cash equivalents as per statement of cash flows 29,926 29,738
Less: provision for expected credit losses of short-term deposits (63) (68)

Cash and bank balances as per the statement of financial position 29,863 29,670

*These represent deposits with banks held for the purpose of meeting
short-term cash commitments, having interest rates up to 4.1% (2018: 3.75%).

The movement in the provision for expected credit losses of short-term deposits is as follows:

2019 2018
USD ‘000 USD ‘000
Balance as at 1 January 68 -
Amounts directly recognised in the opening retained earnings - 58
(Reversal)/charge for the year (5) 10

Balance as at 31 December 63 68