UAE Central Bank’s gold reserve up to $2.44bln by September

Q1 of 2020 saw a significant growth in the value of the precious metal reserves, which surged by 47%

  
General view of the Central Bank of UAE on January 3, 2017

General view of the Central Bank of UAE on January 3, 2017

Getty Images

ABU DHABI - The value of Gold reserves held with the Central Bank of the UAE (CBUAE) rose by 121 pct in September 2020 to AED8.961 billion when compared to December 2019. Month-over-month, they dropped from AED 8.987 bn in August, according to the apex bank's figures released today.

Q1 of 2020 saw a significant growth in the value of the precious metal reserves, which surged by 47 pct to AED5.951 as compared to the end of 2019.

In Q2, the reserves further increased to AED6.58 bn before soaring to AED8.462 in July.

The statistics previously issued by the UAE's financial regulator 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.

© Copyright Emirates News Agency (WAM) 2020.

More From Commodities