(MENAFN) The UAE Central Bank has achieved a historic milestone as its total foreign assets surpassed 700 billion dirhams (USD190.59) at the close of February, marking the first time in its history it has reached such a significant figure. According to the latest statistics released by the bank, there has been a remarkable increase of 203 billion dirhams in foreign assets over the course of a year. This substantial growth underscores the Central Bank's robust financial position and its increasing role on the global stage.
Data revealed today indicates that the Central Bank's foreign assets experienced a monthly increase of 2 percent, rising from 695.04 billion dirhams in January to 708 billion dirhams by the end of February 2024. This uptick represents an additional 13 billion dirhams in foreign assets within just one month, reflecting the bank's continued accumulation of reserves and investments.
On an annual basis, the growth in foreign assets is even more significant, with a remarkable surge of 40.2 percent observed compared to February 2023. This translates to an increase of approximately 202.9 billion dirhams over the span of 12 months. Since the beginning of the current year, foreign assets have expanded by about 4 percent, equivalent to 27 billion dirhams, compared to the end of 2023, when they stood at approximately 681.15 billion dirhams.
Central Bank statistics attribute this substantial increase in foreign assets primarily to a surge in bank balances and deposits held with banks abroad. On an annual basis, bank balances and deposits saw a remarkable increase of 51 percent, reaching 467.56 billion dirhams by the end of February 2024, compared to approximately 309.9 billion dirhams in February 2023.
Furthermore, foreign securities held within the Central Bank's foreign assets also experienced significant growth, reaching about 189.37 billion dirhams by the end of February 2024. This represents a notable increase of approximately 28.9 percent compared to February 2023, amounting to an increase of 42.5 billion dirhams. These statistics highlight the Central Bank's prudent financial management and its ability to strategically diversify its investment portfolio to enhance stability and sustainability in the face of evolving global economic dynamics.
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