UAE: Gold reserves at Central Bank cross Dh22 billion mark, grow by over 21% since January

Gold reserves at the UAE's Central Bank exceeded Dh22.021 billion as of the end of August, rising by about 3.5% month-on-month compared to Dh21.28 billion at the end of July.

The bank's gold reserves have grown by more than 21.3% since the beginning of the year, compared to Dh18.147 billion at the end of last year, according to the statistical bulletin issued by the Central Bank on Friday.

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Savings deposits amounted to Dh303.714 billion, of which approximately Dh254 billion were in local currency, while time deposits reached Dh886.661 billion, including Dh524.73 billion in local currency.

Net international reserves of the UAE banking sector rose by 2.54% month-on-month to Dh1.305 trillion, compared to Dh1.273 trillion at the end of July. The reserves have increased by around 14% since the beginning of the year, compared to Dh1.145 trillion at the end of December last year.

Cash withdrawals from the Central Bank were at Dh136 billion from the beginning of the year until the end of August, while cash deposits amounted to Dh126.25 billion.

The value of transactions within the UAE banking sector through the UAE Funds Transfer System (UAEFTS) exceeded Dh12.746 trillion during the first eight months of this year, as per banking operations statistics.

Among these transfers, Dh8.038 trillion transactions were executed by banks and Dh4.708 trillion were executed by individual customers.

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