The Central Bank of the UAE (CBUAE) announced a significant increase in its gold reserves, which have surpassed AED24 billion by October 2024. This notable achievement reflects the UAE’s growing financial stability and the central bank’s commitment to bolstering its economic foundation.
The CBUAE’s gold reserves surged by 34.8% during the first 10 months of 2024, reaching AED24.464 billion by October. This represents a monthly increase of 5.5%, or AED1.28 billion, compared to AED23.185 billion at the end of September. This remarkable growth underscores the UAE’s proactive measures to diversify and strengthen its financial portfolio.
Banking Sector Exhibits Robust Expansion
According to the CBUAE’s Monthly Statistical Bulletin, demand deposits reached AED1.078 trillion by October, with AED781.528 billion in local currency. Savings deposits followed a similar trajectory, growing to AED308.239 billion, of which AED259.1 billion was denominated in local currency. Furthermore, time deposits exceeded AED926.921 billion, with AED541.3 billion in local currency, reflecting the trust of depositors in the UAE’s banking system.
Transaction Volumes Reach Unprecedented Heights
The UAE Fund Transfer System (UAEFTS) processed transactions worth over AED16.137 trillion during the first 10 months of 2024, highlighting the efficiency and scalability of the country’s banking infrastructure. Additionally, the value of circulated cheques exceeded AED1.1 trillion, based on over 18.749 million transactions.
CBUAE Cash Flow Highlights Economic Activity
Cash withdrawals from the central bank totaled approximately AED171.57 billion, while cash deposits reached AED159.3 billion. These figures emphasize the liquidity and economic vibrancy of the UAE’s financial sector.
The CBUAE’s achievements, including record-breaking gold reserves and robust banking activities, reflect the UAE’s global financial leadership. These developments not only highlight the resilience of the economy but also its commitment to sustained growth and innovation in the financial sector.