CBUAE's gold reserves surpass $6.26bln by end of Q3/24
The gold reserves of the Central Bank of the United Arab Emirates (CBUAE) exceeded AED23 billion by the end of Q3/24. This represents a month-on-month increase of 5.3%, or AED1.164 billion, bringing the total gold reserves to AED23.185 billion compared to AED22.021 billion at the end of August.
Since the beginning of the year, the gold reserves have grown by more than 27.76%, or over AED5 billion, from AED18.147 billion at the end of last year, According to the CBUAE's Monthly Statistical Bulletin for September released today
In the meantime, the bulletin indicated that the value of demand deposits grew by more than 3% to exceed AED1.083 trillion at the end of September, of which AED781.528 billion were in the local currency.
It added that the banking sector has witnessed a significant surge in deposits, with savings deposits reaching AED304.534 billion, of which approximately AED256.6 billion is denominated in the local currency. Furthermore, time deposits have reached AED888.473 billion, with around AED542.6 billion in local currency.
The statistical bulletin revealed a monthly increase in the net international reserves of the UAE banking sector, reaching AED1.317 trillion at the end of September, compared to AED1.305 trillion at the end of August. This represents a year-to-date increase of approximately 15% from AED1.145 trillion at the end of December of the previous year.
The bulletin also revealed a significant increase in the value of transactions processed within the country's banking sector via the UAE Fund Transfer System (UAEFTS), exceeding AED14.338 trillion in the first nine months of this year.
The statistics also indicated that the value of circulated checks, based on their e-images, exceeded AED979.77 billion.
Furthermore, the value of cash withdrawals from the CBUAE from the beginning of the year until the end of September reached approximately AED151.97 billion, while cash deposits with the central bank amounted to around AED140.83 billion.
Source: https://www.zawya.com/