The Central Bank of the UAE (CBUAE) has seen a consistent growth in its gold reserves over the past few years. By the end of April 2024, the value of the CBUAE’s gold reserves reached AED20.36 billion ($5.54 billion), marking a year-on-year (YoY) increase of around 12 percent from AED18.147 billion in April 2023.
This growth continued on a monthly basis as well, with the gold reserves increasing by 3.5 percent from AED19.615 billion in March 2024.
Earlier in April 2024, the CBUAE had announced an annual increase of 7 percent in its gold balance as of January 2024. According to the bank’s statistical bulletin, the value of its gold holdings reached AED17.921 billion ($4.88 billion) at the end of January 2024, compared to AED16.758 billion ($4.56 billion) in January 2023, representing a growth of over AED1.16 billion.
However, the central bank’s gold stock did see a slight monthly decrease of approximately 1.25 percent in December 2023, standing at around AED18.147 billion.
Read more: CBUAE’s foreign assets surge 2.55 percent to $204.27 billion in April 2024
Over the past few years, the CBUAE has witnessed significant growth in its gold balance. By the end of 2020, the balance had reached AED8.961 billion, a substantial increase from AED1.134 billion at the end of 2018 and AED4.044 billion at the end of 2019.
Data from June 2022 also indicated an annual rise of 3.03 percent in the CBUAE’s gold stock.
In addition to gold, the Central Bank holds various other assets, including liquid funds, certificates of deposit, and held-to-maturity securities.
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