CBUAE Reports Gold Reserves Surpassing AED 24 Billion By End Of October 2024

The Central Bank of the United Arab Emirates (CBUAE) reported a 34.8% rise in its gold reserves during the first ten months of 2024, reaching AED24.464 billion by October's end. This marked a monthly growth of 5.5%, equivalent to AED1.28 billion, compared to AED23.185 billion at September's close.

According to the CBUAE's Monthly Statistical Bulletin for September, demand deposits surpassed AED1.078 trillion by October's conclusion, with AED781.528 billion held in local currency. The bulletin also highlighted that savings deposits totalled AED308.239 billion, with approximately AED259.1 billion in local currency.

Time deposits reached AED926.921 billion, with around AED541.3 billion denominated in local currency, as noted in the bulletin. Additionally, there was a notable increase in the UAE banking sector's net international reserves, which climbed to AED1.406 trillion by October's end from AED1.317 trillion at September's end.

The UAE Fund Transfer System (UAEFTS) processed transactions exceeding AED16.137 trillion within the country's banking sector over the first ten months of this year, according to the statistical bulletin.

The statistics further revealed that cheques circulated based on their electronic images surpassed AED1 trillion during the first ten months of 2024, reaching AED1.1 trillion across more than 18.749 million cheques.

Moreover, cash withdrawals from the CBUAE from January to October amounted to approximately AED171.57 billion, while cash deposits with the central bank were around AED159.3 billion.

This data underscores significant financial activity and growth within the UAE banking sector throughout 2024.

With inputs from WAM