The UAE’s banking sector experienced significant growth in net international reserves, increasing by 11.1% to Dh1.273 trillion in the first seven months of 2024.
According to the Central Bank of the UAE’s latest statistical bulletin, the Central Bank itself held Dh771.6 billion of these reserves by the end of July, reflecting a 14.6% rise from Dh673.42 billion at the end of 2023.
Banks operating within the country reported net international reserves of Dh501.6 billion, a 6.22% increase from Dh472.2 billion at the end of last year.
The report highlighted a 23.5% year-on-year growth in the Central Bank’s gold reserves, reaching Dh21.28 billion by July 2024, up from Dh17.226 billion in July 2023. Gold, as part of the Central Bank’s diversified asset portfolio, saw a 17.3% growth in the first seven months of 2024 compared to Dh18.147 billion at the close of 2023.
Additionally, statistics from the Central Bank revealed that financial transactions through the UAE Financial Transfer System (UAEFTS) surpassed Dh11.13 trillion in the first seven months of 2024, marking a 17% increase compared to Dh9.5 trillion in the same period in 2023. Of these transactions, Dh7.03 trillion were interbank transfers, while Dh4.1 trillion were between bank customers.
Remittances for each month were as follows: Dh1.512 trillion in January, Dh1.449 trillion in February, Dh1.565 trillion in March, Dh1.592 trillion in April, Dh1.78 trillion in May, Dh1.42 trillion in June, and Dh1.81 trillion in July 2024.
Cheque clearances via image technology amounted to Dh765.08 billion, covering over 13 million cheques in the first seven months. The monthly distribution includes Dh109.4 billion for 1.965 million cheques in January and Dh118.4 billion for more than 2 million cheques in July.
The report also noted that cash deposits at the Central Bank totalled Dh111.4 billion, while cash withdrawals reached Dh 120.3 billion during the same period.
