Tuesday 22, May 2018 by Kudakwashe

CBUAE gold reserves up by 6.6 per cent in Q1 of 2018

The UAE Central Bank's reserves of gold bars rose to around AED 1.72 billion during first quarter of 2018, a growth of 6.6 per cent from AED1.09 billion during the corresponding period in 2017.

  

Statistics issued by the Bank showed rapid growth since 2015, which is the year when it decided to resume its reserves of gold and foreign currencies, most notably the US dollar and other major currencies, according to state news agency WAM.

The released statistics showed that CBUAE's gold holdings went through some ups and downs during Q1 2018, rising during the first month of the year to AED1.189 billion, before declining to AED1.16 billion in February, eventually rebounding to a three-year high of AED1.72 billion in March.

In 2015, the UAE decided to resume its reserves of gold and foreign currencies, after it dropped out from the World Gold Council’s list of gold reserves at world banks, and since then the value of the yellow metal increased consistently.

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