The Central Bank of the United Arab Emirates (CBUAE) has augmented its gold reserves by 25.899 percent during the initial five months of the year, reaching AED28.933 billion ($7.9 billion) at the conclusion of May. This marks an increase from AED22.981 billion at the end of December 2024, the Emirates News Agency (WAM) reported.
As per the Central Bank’s statistical bulletin released today, the CBUAE’s gold holdings experienced a month-on-month rise of 0.49 percent in May, amounting to AED28.791 billion at the close of April.
Data indicated that demand deposits also saw growth, surpassing AED1.166 trillion by the end of May, compared to AED1.109 trillion at the end of December 2024. Of this total, AED892.577 billion was in local currency, while AED274.329 billion was held in foreign currencies.
Savings deposits climbed to AED359.57 billion at the end of May, marking an increase from AED317.48 billion at the end of December 2024. This total included AED305.508 billion in local currency and AED54.062 billion in foreign currencies.
For the first time, time deposits exceeded AED1 billion by the end of May, comprising AED614.854 billion in local currency and AED398.348 billion in foreign currencies.
Read more: UAE Central Bank reports gold reserves over $6.6 billion by end of October 2024
Q1 gold reserves surge
Additional data from Q1 2025 reported by the Central Bank of the UAE indicated a 19.3% increase in gold reserves during the first quarter alone, adding AED4.444 billion to reach AED27.425 billion ($7.46 billion) by the end of March. The robust growth in deposits reflects strong liquidity and confidence in the UAE banking sector, with demand deposits at over AED1.147 trillion, savings deposits rising to AED338.788 billion, and time deposits nearing AED991.757 billion by the end of Q1. The UAE Funds Transfer System (UAEFTS) facilitated banking sector transfers worth AED5.449 trillion in Q1 2025, with cash withdrawals and deposits recorded at AED63.887 billion and AED47.124 billion respectively within the same period. The Central Bank’s continued accumulation of gold reserves alongside growing deposit figures highlights its strategy of asset diversification and monetary system strengthening amid global market volatility.
