The central bank boosted its acquisition of gold as a safe asset, raising its yellow metal balance to the equivalent of AED 3.1 billion, its highest value since 2015, when gold entered its assets.
Statistical bulletin data issued by the Central Bank yesterday revealed that the cumulative balance of gold owned by the Central Bank recorded at the end of October last year 3.5 billion dirhams, compared with 2 billion and 709 million at the end of September, an increase of 396 million. AED equivalent to a monthly growth of 14.6%.
Last October, gold witnessed a significant decline in price due to profit taking on the most acquired metal.
Gold is among the various assets held by the Central Bank, including: liquid funds, certificates of deposit, and securities held to maturity.
In April 2015, the UAE Central Bank decided to return to the formation of gold reserves for the first time in eight years.
The Central Bank had sold all its ownership of the yellow metal before 2015, and then returned to the formation of a balance of gold in 2015, in addition to the basket of foreign currency reserves, especially the dollar and other currencies.
According to the data, other assets of the Central Bank also witnessed a noticeable growth during last October, where the cash account balances rose to AED 245 billion compared to AED 238.5 billion in September, an increase of 6.5 billion dirhams and growth of 2.7%.
The statistical bulletin showed that the number of bank employees remained stable for the third consecutive month at 35,518 employees.
245
Balances
Cash accounts during
Last month.
- Number of bank employees
He continued to settle in
October, for the third month
Respectively, when you
35.5 thousand employees.