The UAE Central Bank has reported that net international reserves of the country's banking sector increased by 11.1% (or 127.5 billion dirhams) in the first seven months of 2024 and reached 1.273 trillion dirhams by the end of July.
Publish dateSaturday 9 November 2024 - 09:12
According to Amac News: Citing the announcement of the Central Bank of the Emirates, this figure was 1.145 trillion dirhams in 2023.
According to the announcement, the central bank's share of these net international reserves reached 771.6 billion dirhams at the end of July, which represents an increase of 14.6% compared to 673.42 billion dirhams at the end of last year.
Likewise, the net international reserves of active banks in the country reached 501.6 billion dirhams by the end of July, which is a 6.22% increase compared to 472.2 billion dirhams at the end of 2023.
On the other hand, the central bank's gold reserves also grew by 23.5% year-on-year (YoY) to AED 21.28 billion by the end of July, compared to AED 17.226 billion in July 2023.
Gold reserves are part of the diverse assets of the Central Bank of the Emirates, which also include cash, certificates of deposit and realizable securities.
Meanwhile, the statistics of banking operations published by the Central Bank of the UAE show that the value of transfers made in the country's banking sector through the UAE Financial Transfer System (UAEFTS) in the first seven months of this year reached more than 11.13 trillion dirhams, compared to the same period last year has increased by 17%.
During this period, 7.03 trillion dirhams of these transfers are related to interbank transfers and 4.1 trillion to transfers between bank customers.
Furthermore, the value of cash deposits at the Central Bank of the UAE reached 111.4 billion dirhams in the first seven months of the year, while the value of cash withdrawals from the central bank reached 120.3 billion dirhams.
These statistics show significant growth and financial activities in the banking sector of the UAE.
According to the announcement, the central bank's share of these net international reserves reached 771.6 billion dirhams at the end of July, which represents an increase of 14.6% compared to 673.42 billion dirhams at the end of last year.
Likewise, the net international reserves of active banks in the country reached 501.6 billion dirhams by the end of July, which is a 6.22% increase compared to 472.2 billion dirhams at the end of 2023.
On the other hand, the central bank's gold reserves also grew by 23.5% year-on-year (YoY) to AED 21.28 billion by the end of July, compared to AED 17.226 billion in July 2023.
Gold reserves are part of the diverse assets of the Central Bank of the Emirates, which also include cash, certificates of deposit and realizable securities.
Meanwhile, the statistics of banking operations published by the Central Bank of the UAE show that the value of transfers made in the country's banking sector through the UAE Financial Transfer System (UAEFTS) in the first seven months of this year reached more than 11.13 trillion dirhams, compared to the same period last year has increased by 17%.
During this period, 7.03 trillion dirhams of these transfers are related to interbank transfers and 4.1 trillion to transfers between bank customers.
Furthermore, the value of cash deposits at the Central Bank of the UAE reached 111.4 billion dirhams in the first seven months of the year, while the value of cash withdrawals from the central bank reached 120.3 billion dirhams.
These statistics show significant growth and financial activities in the banking sector of the UAE.
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Source : news agency wam
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