The UAE Central Bank’s gold reserves reached $6.3 billion by the end of the third quarter
The UAE central bank’s gold reserves grew by 5.3% in one month, reaching $6.3 billion (AED 23.19 billion) at the end of the third quarter of 2024. This is up from $6 billion (AED 22.02 billion) in August.
Gold Reserves and Banking Updates in the UAE
The UAE’s gold reserves have increased by 27.8% (about $1.36 billion or AED 5 billion) since the start of 2024. By the end of 2023, the reserves were valued at $4.94 billion (AED 18.15 billion), according to the Emirates News Agency (WAM), based on data from the UAE Central Bank.
The UAE ranks ninth among Arab countries for gold reserves, holding 75 tons of gold, which makes up 2.8% of the central bank’s total reserves, as per the World Gold Council’s August report.
Banking Sector Growth
- Demand Deposits: Demand deposits rose by over 3% to $290 billion (AED 1.08 trillion) by the end of September. Of this, $212.78 billion (AED 781.53 billion) was in the local currency.
- Savings Deposits: Savings deposits increased to $82.91 billion (AED 304.53 billion), with $69.86 billion (AED 256.6 billion) in the local currency.
- Time Deposits: Time deposits reached $241.89 billion (AED 888.47 billion), with $147.73 billion (AED 542.6 billion) in local currency.
The UAE’s net international reserves grew by 15% in 2024, reaching $360 billion (AED 1.32 trillion) by September, up from $310 billion (AED 1.15 trillion) at the end of 2023.
Cash Transactions
Between January and September 2024, cash withdrawals from the central bank totaled $41.37 billion (AED 151.97 billion), while cash deposits amounted to $38.34 billion (AED 140.83 billion), according to WAM.
Big Numbers
The total transactions in the UAE banking sector through the UAE Fund Transfer System (UAEFTS) reached $3.9 trillion (AED 14.34 trillion) in the first nine months of this year. Out of this, checks worth over $266.75 billion (AED 979.77 billion) were processed using their electronic images.
Economic Growth Forecast
In September, the central bank increased its GDP growth forecast for the UAE to 4% (up from 3.9%) for this year, thanks to improved performance in the oil sector.
Published: 19th December 2024
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