CBUAE’s foreign assets increase Dhs203b – GulfToday – Gulf Today

CBUAE’s foreign assets increase Dhs203b – GulfToday – Gulf Today

The photo has been used for illustrative purposes.

The total foreign assets of the Central Bank of the UAE (CBUAE) surpassed the Dhs700 billion mark at the end of February 2024, for the first time in its history, with an increase of Dhs203 billion over the past year according to the latest statistics from the bank.

The statistics released on Monday indicate that the foreign assets of the Central Bank increased by 2 per cent on a monthly basis from Dhs695.04 billion in January 2024 to Dhs708 billion at the end of February 2024, representing an increase of Dhs13 billion.

The foreign assets of the Central Bank increased annually by 40.2 per cent, compared to Dhs505.1 billion in February 2023, with an increase of approximately Dhs202.9 billion over 12 months. Moreover, they increased by about 4 per cent or Dhs27 billion since the beginning of the current year, compared to approximately Dhs681.15 billion at the end of 2023.

The Central Bank’s statistics attributed the increase in foreign asset volume to the rise in current account balances & deposits with banks abroad, with an annual increase of 51 per cent to Dhs467.56 billion at the end of last February, compared to around Dhs309.9