Monday 17 February 2020

UAE foreign currency reserve tops $89bn

ABU DHABI, September 20, 2018

The total foreign currency assets held by the Central Bank of the UAE (CBUAE) surged to Dh329.5 billion ($89.7 billion) during August from Dh326.4 billion in April, a media report said.

Current account balances rose and deposits with foreign banks strengthened to Dh260.8 billion against Dh255 billion in April, reported state-run Wam, citing figures released by CBUAE today.

The foreign assets exclude CBUAE Reserve Tranche Position and Special Drawing Rights holdings with the International Monetary Fund.

Monetary aggregates, which include currency in circulation outside banks plus monetary deposits and quasi-deposits and government deposits, referred to as M3, increased by around Dh76 billion during the first eight month of the year to hit Dh1.557 trillion from Dh1.481 trillion in January.

Government deposits amounted o Dh278 billion in August, while monetary deposits hit Dh420 billion and quasi-monetary deposits stood at Dh791 billion.

In the meantime, the monetary base valued Dh354 billion the end of August 2018, including reserve requirements at Dh 83.2 billion, certificates of deposit at Dh 132.7 billion, currency issued at Dh 83.2 billion and banks current accounts at CBUAE at Dh14.6  billion.

Tags: UAE | Central Bank | Foreign currency |

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