12 Cash and Deposits

US$'00020182017
Cash at bank and on hand23,29925,522
Bank deposits318,503219,172
Total cash and deposits341,802244,694
Average effective interest rate on bank
    deposits at year end
3.29%2.06%
Average remaining maturity of
    bank deposits
61 days25 days
Cash and cash equivalents329,244227,040
Term deposits12,50017,596
Cash and deposits341,744244,636
Restricted bank deposits included in
    non-current assets
5858
Total cash and deposits341,802244,694

Cash and deposits are mainly denominated in United States Dollars and the carrying values approximate their fair values due to the short-term maturities of these assets.

Accounting policy – Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and deposits held with banks and other short-term highly liquid investments with original maturities of three months or less.

Funding

Cash flow and cash

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