The Central Bank of the United Arab Emirates (CBUAE) announced an annual increase of 7 percent in its gold balance as of January. According to the bank’s statistical bulletin released on Thursday, the value of its gold holdings reached AED17.921 billion ($4.88 billion) at the end of January, compared to AED16.758 billion ($4.56 billion) in January 2023, representing a growth of over AED1.16 billion.
Read more: 3 percent annual growth in CBUAE gold balance by end June
The Emirates news agency (WAM) reported that the central bank’s gold stock decreased by approximately 1.25 percent on a monthly basis, standing at about AED18.147 billion in December.
Over the past few years, the Central Bank 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 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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