UAE Central Bank sees a 13% increase in its gold reserve year on year.
The value of gold reserves in the UAE central bank has increased 13 per cent year on year.
The value of gold reserves of the Central Bank of the UAE (CBUAE) reached $3.5bn (AED12.749bn), a growth of $398m (AED1.463bn) in September 2022, compared to $3bn (AED11.286bn) in September 2021.
The apex bank in its latest figures showed that gold reserves increased 13.8 percent, or AED1.549 bn, on a monthly basis from AED11.2 bn in August 2022.
UAE Central Bank gold reserves
The Bank’s reserves of gold reportedly make up a small percentage of its total balance of foreign currencies.
All its gold reserves were sold before 2015, but it began to re-constitute its gold reserves during the same year, as well as its basket of foreign currencies, most notably US dollars and Euros.
Source: Arabian Business