Net international reserves in the UAE’s banking sector rose by 8.1%, or AED 92.3B, in H1 2024, reaching AED 1.238T by June’s end, compared to AED 1.145T in June 2023. The Central Bank’s June bulletin showed it held AED 769.7B of these reserves, a 14.3% rise from AED 673.42B at 2023’s end, while reserves of other banks reached AED 468.13B.
The Central Bank’s gold reserves increased 22.1% year-on-year, reaching AED 20.467B in June 2024, up by AED 3.7B from June 2023. Gold reserves also grew by 12.8% during the first half of the year, from AED 18.147B at 2023’s close.
The UAE’s banking workforce reached 37,811 employees by June 2024, a rise of 1,074 compared to June 2023. National banks employed 31,628, an increase of 2,051, while foreign banks had 6,183 employees.
The Central Bank reported 61 licensed commercial banks, including 23 national and 38 foreign, with 554 total branches. National banks operated 46 e-banking units, and foreign banks had 21.
Transactions via the UAE Funds Transfer System (UAEFTS) totalled AED 9.32T in H1 2024, a 16% increase from AED 8.01T in 2023. Interbank transfers accounted for AED 5.829T, and customer transfers AED 3.49T.
Cleared cheques amounted to AED 646.6B across 11.03M cheques, while cash deposits reached AED 93.6B, and withdrawals totalled AED 103.2B, including AED 103.19B in notes and AED 33.2M in coins.
