The gold reserves held by the Central Bank of the United Arab Emirates (CBUAE) surpassed AED23 billion ($6.3 billion) by the conclusion of Q3 2024. This marks a month-on-month rise of 5.3 percent, equating to AED1.164 billion ($316.9 million), which elevates the total gold reserves to AED23.185 billion ($6.31 billion), in contrast to AED22.021 billion at the end of August, WAM reported.
Year-to-date growth in gold reserves
Since the start of the year, the gold reserves have increased by over 27.76 percent, or more than AED5 billion, rising from AED18.147 billion at the close of the previous year. This information is sourced from the CBUAE’s Monthly Statistical Bulletin for September, released today.
Demand deposits on the rise
Simultaneously, the bulletin highlighted that the value of demand deposits increased by more than 3 percent, exceeding AED1.083 trillion by the end of September, with AED781.528 billion held in the local currency.
Increases in total deposits
Additionally, the banking sector has seen a notable rise in deposits, with savings deposits reaching AED304.534 billion, of which approximately AED256.6 billion is in local currency. Time deposits have also grown, totaling AED888.473 billion, with around AED542.6 billion in local currency.
International reserves growth
The statistical bulletin disclosed a monthly rise in the net international reserves of the UAE banking sector, reaching AED1.317 trillion at the end of September, up from AED1.305 trillion at the end of August. This reflects a year-to-date increase of roughly 15 percent from AED1.145 trillion at the end of December of the prior year.
Read more: CBUAE’s gold reserves surged to $4.88 billion in January 2024
Transactions processed through UAEFTS
Moreover, the bulletin reported a significant uptick in the value of transactions processed through the UAE Fund Transfer System (UAEFTS), which exceeded AED14.338 trillion in the first nine months of this year.
Value of circulated checks
The statistics also revealed that the value of checks circulated, based on their electronic images, surpassed AED979.77 billion.
Cash withdrawals and deposits
In addition, the value of cash withdrawals from the CBUAE from the start of the year through the end of September reached approximately AED151.97 billion, while cash deposits with the central bank totaled around AED140.83 billion.
