Central Bank of UAE’s gold holdings, balance sheet reach over USD5.54B
Date
7/16/2024 7:20:28 AM
(MENAFN) The UAE Central bank reported a substantial increase of approximately 12 percent in its gold holdings over a span of four months, reaching over 20 billion dirhams (approximately USD5.45 billion) by the end of April 2024. According to the latest statistical bulletin on banking and monetary statistics released on Monday, the central bank's gold reserves grew from 18.147 billion dirhams at the end of December 2023 to 20.36 billion dirhams by April 2024. This represents a monthly increase of about 3.5 percent from March 2024, and a notable 16.3 percent increase compared to April 2023, when the gold balance stood at 17.505 billion dirhams.
Simultaneously, the UAE Central Bank's overall balance sheet surpassed the milestone of 790 billion dirhams (USD215 billion) by the end of April 2024, marking a historic high. The latest statistics reveal a 25 percent annual increase in the central bank's general budget, which reached 789.82 billion dirhams compared to approximately 631.63 billion dirhams in April 2023, reflecting a significant increase of 158.2 billion dirhams. Month-on-month, the balance sheet expanded by 2.4 percent, equivalent to an increase of 18.6 billion dirhams from March 2024, and registered a 9.6 percent rise over the first four months of 2024, amounting to 68.9 billion dirhams compared to 720.9 billion dirhams at the end of December 2023.
The substantial growth in the UAE Central Bank's gold reserves and overall balance sheet underscores robust economic management and strategic financial planning amid evolving global economic conditions. As the central bank continues to monitor and manage its financial resources, these developments are pivotal in shaping the UAE's economic outlook and stability in the region.
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