Business & Economy

Foreign assets at the UAE Central Bank exceed 700 billion for the first time in its history

Data from the Central Bank of the Emirates showed that the total foreign assets deposited with it exceeded the barrier of 700 billion dirhams by the end of last February, for the first time in its history, an increase amounting to 203 billion dirhams in just one year.
According to statistics, the foreign assets of the Central Bank increased on a monthly basis by 2% from 695.04 billion dirhams in January 2024, to 708 billion by the end of February 2024, an increase of 13 billion dirhams.
The statistics attributed the increase in the volume of foreign assets to an increase in bank balances and deposits with banks abroad on an annual basis by 51% to 467.56 billion dirhams at the end of last February, compared to about 309.9 billion in February 2023.
The UAE Central Bank noted that its foreign assets do not include the status of its reserve tranche and special drawing rights with the International Monetary Fund.

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