The value of gold reserves of the Central Bank of the UAE (CBUAE) reached 12.749 billion dirhams, a growth of 13 percent or 1.463 billion dirhams in September 2022, compared to 11.286 billion dirhams in September 2021.
Gold is among the various assets owned by the Central Bank, including liquid funds, certificates of deposit, and held-to-maturity securities.
The apex bank in its latest figures showed that gold reserves increased 13.8 percent, or 1.549 billion dirhams, on a monthly basis from 11.2 billion dirhams in August 2022.
Read more: 3% annual growth in CBUAE gold balance by the end of June
The Bank’s reserves of gold reportedly make up a small percentage of its total balance of foreign currencies. All its gold reserves were sold before 2015, but it began to re-constitute its gold reserves during the same year, as well as its basket of foreign currencies, most notably US dollars and Euros.
It is noteworthy that the Central Bank’s gold balance witnessed remarkable growth during the past years, rising to 8.961 billion dirhams at the end of 2020, compared to 1.134 billion dirhams at the end of 2018 and 4.044 billion dirhams at the end of 2019.
According to data released in September by the UAE Central Bank, the investments of banks operating in the country rose on an annual basis by 4.3 percent to 486.4 billion dirhams at the end of last June, an increase equivalent to 20.2 billion dirhams compared to 466.2 billion dirhams in June 2021.
