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18 May 2024

Value of UAE Central Bank gold reserves rise to Dh1.2bn

By Wam

The value of the UAE Central Bank’s reserves of gold bars rose to around AED1.2 billion at the end of January, an increase of AED48 million, or 4.1 percent, compared to AED1.152 billion in December 2017.

Statistics issued today by the Bank 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.

The value of the Bank’s reserves of foreign currencies was around AED326 billion at the end of January while its gold reserves at the same month were the highest for over three years.

The value of its reserves in August 2017 was around AED1.153 billion, before declining to AED1.139 billion in September and AED1.129 billion in October, but rising again in the following months.