The net international reserves in the UAE banking sector hit an all-time high of Dh404.3 billion ($110 billion) by the end of November, up 23.1 per cent of Dh76 billion from Dh328.3 billion during the same month last year, a media report said.

The growth is driven by a significant rise in the net international reserves held by the UAE-based banks, which hit around Dh60.2 billion by the end of November against Dh16.8 billion in December 2017, reported Emirates news agency Wam, citing figures from the UAE Central Bank.

The CBUAE's net reserves amounted to Dh344.1 billion by the end of November, up 19.1 billion as compared to October of the same year.

As the UAE currency is pegged to the US dollar, the CBUAE maintains minimum a foreign reserve requirement to ensure its full coverage, holding internationally recognised reserves of at least 70 percent of the currency in circulation and demand deposits.

The remarkable growth in net international reserves reflects the distinctive financial and economic status boasted by the UAE, which is affirmed by global credit rating agencies that classify the country among the key international hubs in the Mena region.