The Central Bank of the United Arab Emirates (CBUAE) has reported a significant increase in its gold reserves, surpassing AED23 billion by the end of the third quarter of 2024. According to the CBUAE’s Monthly Statistical Bulletin for September, the reserves grew by 5.3%, or AED1.164 billion, reaching AED23.185 billion compared to AED22.021 billion at the end of August. This marks a year-to-date growth of 27.76%, adding over AED5 billion since December 2023, when reserves were recorded at AED18.147 billion.
The bulletin also highlighted robust growth in the UAE’s banking sector. Demand deposits exceeded AED1.083 trillion by the end of September, reflecting a more than 3% increase. Of these, AED781.528 billion were denominated in the local currency. Savings deposits reached AED304.534 billion, with approximately AED256.6 billion held in local currency, while time deposits amounted to AED888.473 billion, of which AED542.6 billion were in the local currency.
Net international reserves within the UAE’s banking sector rose to AED1.317 trillion at the end of September, up from AED1.305 trillion in August. This represents a year-to-date increase of about 15% from AED1.145 trillion recorded at the end of December 2023. The report also detailed a sharp rise in financial transactions processed via the UAE Fund Transfer System (UAEFTS). Transactions exceeded AED14.338 trillion during the first nine months of 2024, underscoring the system’s pivotal role in supporting the country’s financial infrastructure.
Additionally, the value of checks circulated based on electronic images surpassed AED979.77 billion over the same period. Cash movement within the central banking system remained significant, with withdrawals from the CBUAE reaching AED151.97 billion by the end of September. Cash deposits made with the central bank during the same period totaled AED140.83 billion. The data reflects the continued strength and resilience of the UAE’s banking and monetary systems. CBUAE’s growing gold reserves and robust deposit inflows highlight strong economic fundamentals and confidence in the financial sector. – By MENA Newswire News Desk.