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UAE’s gold reserves rise 13% to $5.3bn

Liquid assets in the UAE's banking sector reached AED787 billion by the end of Q1 2024, rising 28 percent year on year Wam
Liquid assets in the UAE's banking sector reached AED787 billion by the end of Q1 2024, rising 28 percent year on year

The value of gold reserves of the Central Bank of the UAE (CBUAE) reached AED19.6 billion ($5.3 billion) at the end of March 2024, rising 13 percent year on year.

Gold reserves increased by 9.8 percent on a monthly basis from AED17.9 billion in February 2024, the UAE state-run Wam news agency reported, citing the CBUAE data.

Reserves of the precious metal have significantly grown over the past years from AED4 billion in 2019 and AED1.1 billion in 2018.

Meanwhile, liquid assets in the UAE’s banking sector reached AED787 billion by the end of Q1 2024, rising 28 percent year on year.

The value of these assets constituted nearly a fifth of total banking sector assets, which reached AED4.2 trillion by the end of Q1 2024.

Central Bank data also showed that deposits at banks in the UAE have surged as account holders take advantage of higher interest rates to earn bigger returns on their savings.

Resident deposits totalled AED2.4 trillion ($664 billion) as of March 31, up 16 percent versus 12 months earlier.

Non-resident deposits – those held by people or entities not based in the UAE – grew 3.5 percent over the same period to AED221 billion.

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