UAE Central Bank’s gold reserves reach AED11.56 billion in April

ABU DHABI, The value of gold reserves of the Central Bank of the UAE (CBUAE) in April 2021 rose to AED11.56 billion, a growth of 6.8 percent or AED743 million, compared to AED10.817 billion in March 2021.

The bank in its latest figures released on Thursday showed steady growth in gold reserves for the second consecutive month, after being valued at AED10.481 billion in February 2021.

According to recent statistics, the value of the Bank’s gold bullion balance reached its highest in December 2020, rising to AED12.862 billion.

The Bank’s reserves of gold only make up a small percentage of its total balance of foreign currencies, which totalled AED393.78 billion in April 2021.

The Central Bank sold all its gold before 2015, but it began to re-constitute its gold reserves during the same year, as well as its basket of foreign currencies, most notably US dollars and Euros.

 

Source: Emirates News Agency

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