Gold reserves at the UAE’s Central Bank reached Dh22.021 billion by the end of August, marking a 3.5% increase from Dh21.28 billion in July. The reserves have grown significantly by over 21.3% since the start of the year, up from Dh18.147 billion at the close of last year, as per the latest statistical bulletin from the Central Bank.
Key Financial Indicators
- Savings Deposits: Totaled Dh303.714 billion, with about Dh254 billion held in local currency.
- Time Deposits: Reached Dh886.661 billion, including Dh524.73 billion in local currency.
Net International Reserves Growth
The UAE banking sector’s net international reserves rose by 2.54% month-on-month, reaching Dh1.305 trillion at the end of August compared to Dh1.273 trillion in July. Since the beginning of the year, reserves have grown by approximately 14%, up from Dh1.145 trillion in December 2023.
Cash Transactions and Transfers
- Cash Withdrawals: Dh136 billion was withdrawn from the Central Bank from January to August.
- Cash Deposits: Totaled Dh126.25 billion during the same period.
- Funds Transfer Activity: The value of transactions processed through the UAE Funds Transfer System (UAEFTS) exceeded Dh12.746 trillion in the first eight months of 2024. Out of this:
- Dh8.038 trillion in transactions were executed by banks.
- Dh4.708 trillion by individual customers.
