ABU DHABI (WAM)
The gold reserves of the Central Bank of the United Arab Emirates (CBUAE) surged by 34.8 during the first 10 months of 2024 reaching Dh24.464 billion by the end of October 2024.
This represents a month-on-month increase of 5.5%, or Dh1.28 billion, bringing the total gold reserves to Dh24.464 billion compared to Dh23.185 billion at the end of September.
According to the CBUAE's Monthly Statistical Bulletin for September released on Wednesday, the bulletin indicated that the value of demand deposits exceeded Dh1.078 trillion at the end of October, of which Dh781.528 billion were in the local currency.
It added that the savings deposits reached Dh308.239 billion, of which approximately Dh259.1 billion is denominated in the local currency. Furthermore, time deposits have reached Dh926.921 billion, with around Dh541.3 billion in local currency.
The statistical bulletin revealed a monthly increase in the net international reserves of the UAE banking sector, reaching Dh1.406 trillion at the end of October, compared to Dh1.317 trillion at the end of September.
The bulletin also revealed a significant increase in the value of transactions processed within the country's banking sector via the UAE Fund Transfer System (UAEFTS), exceeding Dh16.137 trillion in the first ten months of this year.
The statistics also indicated that the value of circulated cheques, based on their e-images, exceeded Dh1 trillion during the first 10 months of 2024, reaching Dh1.1 trillion over more than 18.749 million checks.
Furthermore, the value of cash withdrawals from the CBUAE from the beginning of the year until the end of October reached approximately Dh171.57 billion, while cash deposits with the central bank amounted to around Dh159.3 billion.