The total foreign assets of the Central Bank of the United Arabic Emirates (CBUAE) rose annually by about 34 percent by the end of August, according to the latest statistics of the bank.
The statistics indicate that the foreign assets of the central bank reached AED585.1 billion in August of the current year, representing a significant increase from AED437.7 billion in August 2022. The rise amounts to AED147.4 billion.
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During the initial eight months of this year, the central bank witnessed an 18.5 percent increase in its foreign assets, amounting to AED91.2 billion. This rise is in comparison to the foreign assets of AED493.88 billion recorded at the end of the previous year.
The findings revealed that the increase in foreign assets can be attributed to a year-on-year rise of 34.2 percent in foreign securities. By the end of August, foreign securities reached AED172.42 billion, compared to approximately AED128.48 billion in August 2022.
As of the end of August, bank balances and deposits held by the central bank with foreign banks accounted for approximately AED352.23 billion within its foreign assets. This represents a year-on-year increase of about 39.1 percent, compared to AED253.25 billion recorded in August 2022.
Additionally, according to the CBUAE data, other foreign assets reached AED60.45 billion by the end of August, reflecting a year-on-year increase of approximately 8 percent from AED56 billion in August 2022.
Notably, the Central Bank clarified that its foreign assets report does not encompass the status of its reserve chip or the International Monetary Fund (IMF)’s special drawing rights (SDR).
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