The gold reserves of the Central Bank of the United Arab Emirates (CBUAE) surged by 34.8 during the first 10 months of 2024 reaching AED24.464bn ($6.7bn) by the end of October 2024.
This represents a month-on-month increase of 5.5 per cent, or AED1.28bn ($348.5m), bringing the total gold reserves to AED24.464bn ($6.7bn) compared to AED23.185bn ($6.3bn) at the end of September.
According to the Central Bank’s Monthly Statistical Bulletin for September released on Wednesday, the bulletin indicated that the value of demand deposits exceeded AED1.078tn ($293.5bn) at the end of October, of which AED781.528bn ($212.7bn) were in the local currency.
CBUAE gold reserves
It added that the savings deposits reached AED308.239bn ($84bn), of which approximately AED259.1bn ($70.5bn) is denominated in the local currency.
Furthermore, time deposits have reached AED926.921bn ($252.4bn), with around AED541.3bn ($147.4bn) in local currency.
The statistical bulletin revealed a monthly increase in the net international reserves of the UAE banking sector, reaching AED1.406tn ($382.8bn) at the end of October, compared to AED1.317tn ($358.6bn) at the end of September.
The bulletin also revealed a significant increase in the value of transactions processed within the country’s banking sector via the UAE Fund Transfer System (UAEFTS), exceeding AED16.137tn ($4.4tn) in the first ten months of this year.
The statistics also indicated that the value of circulated cheques, based on their e-images, exceeded AED1tn ($272bn) during the first 10 months of 2024, reaching AED1.1tn ($299.4bn) over more than 18.749m checks.
Furthermore, the value of cash withdrawals from the CBUAE from the beginning of the year until the end of October reached approximately AED171.57bn ($46.7bn), while cash deposits with the central bank amounted to around AED159.3bn ($43.4bn).
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