In the first half of 2024, the UAE’s banking sector witnessed a significant boost in net international reserves, surging by 8.1% to AED1.238 trillion, up from AED1.145 trillion at the end of June 2023.
This growth was driven primarily by the Central Bank of the UAE, which reported reserves of AED769.7 billion, reflecting a 14.3% increase from AED673.42 billion the previous year. Meanwhile, commercial banks in the UAE held AED468.13 billion in reserves by mid-2024.
The Central Bank's June statistical bulletin revealed a 22.1% year-on-year increase in gold reserves, which reached AED20.467 billion, up from AED16.768 billion in June 2023. This marks a notable 12.8% growth from AED18.147 billion at the end of 2023. The Central Bank's gold reserves have shown considerable expansion in recent years, from AED1.134 billion in 2018 to AED12.862 billion by the end of 2020.
The banking sector also saw a rise in employment, with the number of employees increasing to 37,811 by the end of June, up from 36,737 in June 2023. National banks employed 31,628 of these individuals, while foreign banks accounted for 6,183 employees. The number of licensed commercial banks in the UAE reached 61, with 23 national and 38 foreign banks.
Transaction volumes in the UAE Funds Transfer System (UAEFTS) exceeded AED9.32 trillion during H1 2024, a 16% increase from the previous year. Cheque clearances, using images, totaled AED646.6 billion across 11.03 million cheques. Additionally, cash deposits and withdrawals at the Central Bank amounted to AED93.6 billion and AED103.2 billion, respectively, during the same period.
News Source: Emirates News Agency
