32% annual growth in the “Central” balance of gold

425 billion dirhams, the capital and reserves of UAE banks at the end of last November

Banks' capital and reserves increased by about 22.4 billion dirhams during the first 11 months of last year.

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The Central Bank announced that the total capital and reserves of banks operating in the country increased on an annual basis by about 25.6 billion dirhams, or 6.4%, to reach 424.9 billion dirhams at the end of last November, compared to about 399.3 billion dirhams at the end of November 2021.

And the Central Bank added, in the banking indicators report in the country for the month of November, that the capital and reserves of banks increased on a monthly basis by 1.77%, or the equivalent of 7.4 billion dirhams, compared to 417.5 billion dirhams during October 2022.

He explained that the capital and reserves of banks increased by about 22.4 billion dirhams, or by 5.6%, during the first 11 months of last year, compared to about 402.5 billion dirhams in December 2021.

The Central Bank stated that the capital and reserves of banks do not include loans and secondary deposits, but they include profits for the current year.

According to the Central Bank, national banks acquired about 86.3% of the total capital and reserves of banks operating in the country, with a value of 366.8 billion dirhams at the end of last November, an annual increase of about 22 billion dirhams, or 6.4%, compared to about 344.8 billion dirhams. One billion dirhams during November 2021.

The share of foreign banks reached 13.7% of the total capital and reserves of banks operating in the country, with a value of 58.1 billion dirhams at the end of last November, an annual increase of 6.6%, compared to 54.5 billion dirhams in November 2021.

In addition, the Central Bank announced that its gold balance increased, on an annual basis, by 32% at the end of last November.

The “Central” balance of the yellow metal reached 15.47 billion dirhams at the end of November 2022, an increase equivalent to 3.72 billion dirhams, compared to about 11.754 billion dirhams in November 2021.

According to the statistics, the Central Bank’s balance of gold increased on a monthly basis by 8.14%, an increase equivalent to 1.17 billion dirhams, compared to its balance of 14.307 billion dirhams at the end of last October.

The balance of the Central Bank of gold increased during the first 11 months of last year by 30%, or the equivalent of 3.56 billion dirhams, compared to its balance of about 11.913 billion dirhams at the end of the previous year.

It is noteworthy that the Central Bank’s balance of gold witnessed a remarkable growth during the past years, rising to 12.862 billion dirhams at the end of 2020, compared to 4.044 billion dirhams at the end of 2019, and about 1.134 billion dirhams at the end of 2018.

Gold falls within the various assets owned by the Central Bank, which include liquid funds, certificates of deposit, and securities held to maturity.

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86.3

%

 is the share of national banks in the total capital and reserves of banks operating in the country.

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