CBUAE Reports Gold Reserves Surpassing AED 23 Billion By End Of Q3 2024

The Central Bank of the United Arab Emirates (CBUAE) reported that its gold reserves surpassed AED23 billion by the close of Q3/24. This marks a 5.3% increase from August, adding AED1.164 billion to reach AED23.185 billion, up from AED22.021 billion. Since the start of the year, reserves have grown over 27.76%, or more than AED5 billion, from AED18.147 billion at last year's end.

According to the CBUAE's Monthly Statistical Bulletin for September, demand deposits increased by over 3%, exceeding AED1.083 trillion by September's end, with AED781.528 billion in local currency. The banking sector also saw a notable rise in savings deposits, which reached AED304.534 billion, with approximately AED256.6 billion in local currency.

Time deposits have climbed to AED888.473 billion, with around AED542.6 billion held in local currency. The bulletin highlighted a monthly growth in net international reserves within the UAE banking sector, reaching AED1.317 trillion at September's end compared to AED1.305 trillion in August.

This represents a year-to-date increase of about 15% from AED1.145 trillion at December's close last year. Additionally, the value of transactions processed through the UAE Fund Transfer System (UAEFTS) exceeded AED14.338 trillion during this year's first nine months.

The statistics further revealed that circulated checks' value, based on e-images, surpassed AED979.77 billion. Moreover, cash withdrawals from CBUAE from January to September totaled approximately AED151.97 billion, while cash deposits with the central bank amounted to around AED140.83 billion.

The data underscores significant activity within the UAE's banking sector across various financial metrics and transactions throughout this period.

With inputs from WAM