Today's Edition
YOUSEF AL BASTANJI (ABU DHABI)
The net total international reserves of the UAE's banks, including the Central Bank of the UAE (CBUAE) increased by Dh258 billion, recording a growth rate of 33.1%, and reaching a balance of Dh1.038 trillion through September 2023, compared to Dh780 billion at the end of September 2022, according to data released on Monday by the CBUAE.
The data shows that the net international reserves of the CBUAE increased by Dh158.5 billion with a growth rate of 37.3% year-on-year, reaching Dh583 billion at the end of September 2023, compared to the same period Dh424.5 billion in 2022.
The net international reserves of the CBUAE exceed the mandatory minimum by about Dh165 billion at the end of September 2023, indicating the solidity and stability of the state's monetary policy, and which enhances confidence in the strength of the UAE dirham.
Net international reserves of banks operating in the country amounted to Dh455 billion at the end of September 2023 compared to Dh355 billion in the same period in 2022, recording an increase of about Dh100 billion during the period equivalent to a growth of 28%, which indicates the large and unprecedented volume of new liquidity and capital inflows to the UAE market, reflecting the success of the country's economic and financial policies in enhancing the confidence of local and foreign investors in the UAE market in general and the banking sector in particular.
According to the data, the balance of the CBUAE in gold bullion increased to Dh16.26 billion at the end of September 2023, compared to Dh12.75 billion through September 2022, with a growth value of Dh3.51 billion and a rate of 27.5% over a year.
The number of new employees at banks operating in the UAE increased by 657 employees during the third quarter of 2023, bringing the total number of employees in the sector to 37,394 by the end of September, compared to 36,737 employees through June 2023.
The total investments of the 61 banks operating in the UAE reached their highest level in history at Dh593.9 billion at the end of September 2023, recording a growth of 22.9% on an annual basis, equivalent to an increase of Dh110.6 billion, compared to their balance of Dh483.3 billion in September 2022.
The data shows that banks increased their investments at a monthly rate of Dh9.2 billion, over 12 consecutive months. According to data from the CBUAE, banks operating in the country increased their investments in bonds held to maturity by about Dh100 billion during the comparison period, raising their balance to Dh287 billion by the end of September 2023, a growth of 52.8% over 12 months, supported by the significant increase in interest rates achieved by this investment tool.
Banks also increased their investments in stocks by about Dh1.2 billion, raising their balance to Dh12.5 billion at the end of September 2023, compared to Dh11.3 billion through September 2022, a growth of 10.3% during the period.
