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|13 March, 2018

UAE Central Bank gold reserves rise to $326.7mln

The value of the UAE Central Bank’s reserves of gold bars rose by 4.1%

Image used for illustrative purpose. Vehicles stop at a red light in front of the main branch of UAE Central Bank in Abu Dhabi, January 29, 2013.

Image used for illustrative purpose. Vehicles stop at a red light in front of the main branch of UAE Central Bank in Abu Dhabi, January 29, 2013.

REUTERS/Ben Job

UAE - The value of the UAE Central Bank’s reserves of gold bars rose to around Dh1.2 billion ($326.71 million) at the end of January, an increase of Dh48 million, or 4.1 percent, compared to Dh1.152 billion in December 2017.

Statistics issued by the bank yesterday showed that its reserves of gold grew exponentially since 2015, which is the year when it decided to resume its reserves of gold and foreign currencies, most notably the US dollar and other major currencies, said a Wam news agency report.

The value of the bank’s reserves of foreign currencies was around Dh326 billion at the end of January while its gold reserves at the same month were the highest for over three years.

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The value of its reserves in August 2017 was around Dh1.153 billion, before declining to Dh1.139 billion in September and Dh1.129 billion in October, but rising again in the following months. 

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