The Central Bank of the UAE’s statistics revealed a net increase in the international reserves of the Emirati banking system of AED12.6 billion ($3.4 billion) over three months, from November 2020 to January 2021.

With this continued rise, the cumulative balance of the country’s international reserves amounted to over AED519 billion at the end of January 2021, a 2.3 percent increase compared to the balance registered in November last year, accounting for AED507 billion, reported state news agency Wam.

The continuous surge in the national banking system’s international reserves underscores its robust financial solvency and its ability to address any financial and economic conditions and changes to foreign exchange rates, as well as its capacity to meet the country’s needs from global markets.

The Central Bank’s statistics also highlighted the fact that its net international reserves amounted to AED377.23 billion at the end of January 2020 while the net international reserves of banks totalled AED142 billion during the same reporting period.

The balance of the UAE banking system’s international reserves is expected to rise further in the coming period, reflecting the improvements across the system’s indexes in recent months.