UAE Central Bank Gold Reserves Surpass AED23 Billion in Q3 2024

The Central Bank of the UAE (CBUAE) reported a significant rise in gold reserves, exceeding AED23 billion by the end of Q3 2024.

According to the CBUAE's September Monthly Statistical Bulletin, gold reserves grew 5.3% month-on-month, adding AED1.164 billion to reach AED23.185 billion from AED22.021 billion at the end of August. Since the start of 2024, gold reserves have surged by 27.76%, equating to a gain of AED5 billion from AED18.147 billion recorded at the end of 2023.

The bulletin also highlighted a robust performance in the banking sector, with demand deposits surpassing AED1.083 trillion in September, of which AED781.528 billion were held in local currency. Savings deposits reached AED304.534 billion, with approximately AED256.6 billion in local currency, while time deposits totaled AED888.473 billion, including AED542.6 billion in local currency.

Net international reserves showed a monthly increase, climbing to AED1.317 trillion in September from AED1.305 trillion in August—a 15% year-to-date rise from AED1.145 trillion at the end of December 2023.

Additionally, the UAE Fund Transfer System (UAEFTS) processed transactions exceeding AED14.338 trillion in the first nine months of 2024. The value of circulated checks based on e-images reached AED979.77 billion during the same period.

Cash operations also remained active, with withdrawals from the CBUAE totaling approximately AED151.97 billion, while cash deposits amounted to AED140.83 billion by the end of September.

These figures underscore the CBUAE's strong financial position and the dynamic growth of the UAE's banking sector.

News Source: Emirates News Agency