166 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 35 DEPOSITS, CASH AND BANK BALANCES Group Company 2023 RM’000 2022 RM’000 2023 RM’000 2022 RM’000 Fixed deposits with licensed investment bank in Malaysia 998,039 959,206 96,724 51,869 Restricted deposit 31,947 67,823 - - Cash and bank balances 493,248 370,077 14,452 16,798 Deposits, cash and bank balances 1,523,234 1,397,106 111,176 68,667 Restricted deposit relates to bank balance pledged in order to obtain certain bank facilities. The withdrawal of this deposit from the designated account requires approval from the bank. The fixed deposits, cash and bank balances are denominated as follows: Group Company 2023 RM’000 2022 RM’000 2023 RM’000 2022 RM’000 Ringgit Malaysia 1,063,832 1,231,971 109,599 67,491 United States Dollar 435,847 138,531 143 143 Indonesian Rupiah 8,504 11,074 - - Thai Baht 11,998 10,184 - - Pakistan Rupees 203 2,418 - - Great Britain Pound 1,604 1,110 1,434 1,033 Others 1,246 1,818 - - 1,523,234 1,397,106 111,176 68,667 The weighted average finance rates (per annum) of fixed deposits and bank balances that were effective at the financial year end were as follows: Group Company 2023 % 2022 % 2023 % 2022 % - Licensed banks 3.31 2.54 2.30 2.10 - Licensed financial institutions 2.67 2.33 - 1.82 Fixed deposits as at 31 December 2023 for the Group and for the Company have average maturity periods of 61 days (2022: 75 days) and 22 days (2022: 89 days) respectively. Cash and bank balances are deposits held at call with banks.
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