The Central Bank of the United Arab Emirates (CBUAE) has reported a notable 7% increase in its gold reserves, reaching AED 24.571 billion ($6.7 billion) by the end of January 2025. This represents a growth of AED 1.59 billion from the AED 22.981 billion recorded at the close of December 2024, according to the CBUAE’s Monthly Statistical Bulletin for January.
Along with the gold reserves, demand deposits also saw a rise, exceeding AED 1.116 trillion by the end of January, compared to AED 1.109 trillion the previous month. These deposits were split between AED 834.9 billion in local currency and AED 281.5 billion in foreign currencies.
Gold Reserves and Deposits See Significant Growth
The report highlights an upward trend in both gold reserves and various types of deposits, reflecting growing confidence in the UAE’s financial sector. Savings deposits grew to AED 322.281 billion by the end of January, up from AED 317.48 billion in December 2024. This increase was driven by both local currency savings, which amounted to AED 270.79 billion, and foreign currency savings, which reached AED 51.48 billion.
Additionally, fixed-term deposits showed a robust increase, amounting to AED 926.22 billion, with AED 552.47 billion in local currency and AED 373.74 billion in foreign currencies. These figures reflect the strength of the UAE’s financial system and its appeal to both domestic and international investors.
Strong Demand for Local and Foreign Currency Deposits
The bulletin also reported a positive shift in the UAE banking sector’s net international reserves, which grew to AED 1.466 trillion by the end of January, up from AED 1.446 trillion in December 2024. This increase underscores the nation’s ongoing economic resilience and its ability to attract substantial global capital.
These developments highlight the UAE’s financial sector as a critical driver of economic growth, with growing reserves and increasing demand for both local and foreign deposits offering a strong foundation for future growth.
