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UAE Central Bank gold holdings top $307 million

UAE Central Bank gold holdings top $307 million

Tue Dec 05 2017


The UAE Central Bank's reserve of gold bars amounted to Dh1.129 billion ($307.3 million) by the end of October 2017, a growth of 11.2 per cent from Dh1.015 billion by the end of 2016.


The month of April 2017 saw the Central Bank resuming gold holdings after eight years during which the banks' reserves were confined to a foreign currency basket, primarily US Dollar in addition to a portfolio of selected currencies, reported Emirates news agency Wam.


However, the current reserve of gold bars accounts only for a minimal amount of the bank's total foreign currency reserve, which surged to Dh322 billion by the end of October.


According to official statistics released by the Central Bank, gold assets have been growing since the beginning of the year, though sales increased at the time gold prices were in a remarkable hike.


The month of August saw the highest gold reserve of Dh1.153 billion against Dh1.135 billion in September before stabilising down Dh1.129 billion in October.


Gold holdings increased during the period from January through March to Dh1.099 billion before rising to Dh1.101 billion in June and to Dh1.121 billion in July.


Source: https://www.tradearabia.com/