CBUAE Reports 19.7% YoY Growth in Gold Reserves

The Central Bank of the UAE (CBUAE) reported that the value of its gold reserves reached AED 20.619 billion by the end of May 2024, representing a 19.7% year-on-year increase from AED 17.219 billion in May 2023.

The bank's Monthly Statistical Bulletin for May 2024 also highlighted a 1.3% rise in gold reserves from AED 20.36 billion in April 2024.

The UAE's gold reserves have consistently grown over recent years, escalating from AED 1.134 billion in 2018 to AED 4.44 billion in 2019 and AED 12.862 billion by the end of 2020.

News Source: Emirates News Agency