The UAE’s banking sector saw a significant rise in net international reserves, increasing by 11.1% (AED127.5 billion) during the first seven months of 2024, reaching AED1.273 trillion by the end of July, according to the Central Bank of the UAE’s latest statistical bulletin.
The Central Bank’s own reserves grew by 14.6% to AED771.6 billion, while reserves held by banks operating in the country rose by 6.22% to AED501.6 billion.
A notable contributor to this growth was the increase in the Central Bank’s gold reserves, which surged 23.5% year-on-year, reaching AED21.28 billion in July 2024, up from AED17.226 billion in July 2023. The gold reserves alone expanded by 17.3% since the end of 2023, reflecting the bank's focus on a diversified asset portfolio that includes liquid funds, certificates of deposit, and long-term securities.
Banking sector transfers also saw remarkable activity, with transactions through the UAE Financial Transfer System (UAEFTS) reaching AED11.13 trillion in the first seven months of 2024, marking a 17% year-on-year increase. Of these, AED7.03 trillion consisted of interbank transfers, while AED4.1 trillion were customer-to-customer transfers. Monthly remittances reached their peak in July at AED1.81 trillion.
The Central Bank also reported that cheque clearances via image amounted to AED765.08 billion across more than 13 million cheques within the same period. Additionally, cash deposits at the Central Bank totaled AED111.4 billion, while withdrawals reached AED120.3 billion.
These financial indicators underscore the UAE’s robust banking infrastructure and economic resilience amid global uncertainties, positioning the nation as a key financial hub in the region.
News Source: Emirates News Agency
