Central Bank's Gold Holdings Surpass 30 Billion Dirhams for First Time

The Central Bank of the United Arab Emirates saw a remarkable increase in its gold reserves, growing by around 32% over eight months from the beginning of the current year to the end of August. For the first time, the reserves exceeded the 30 billion dirhams mark, reaching 30.329 billion dirhams by the end of August, compared to 22.981 billion dirhams at the end of December 2024.

In terms of monthly growth, the Central Bank's gold reserves rose by more than 4.5% during August, from their level of 28.997 billion dirhams at the end of July. This increase reflects a strong economic status and confidence in gold as a financial asset.

According to the statistical bulletin issued by the Central Bank today, the value of demand deposits grew to exceed 1.188 trillion dirhams by the end of August, compared to approximately 1.109 trillion dirhams at the end of December 2024. This growth indicates an increase in consumer confidence and economic activity.

By the end of August, demand deposits were distributed into about 892.273 billion dirhams in local currency and approximately 296.137 billion dirhams in foreign currencies. The distribution suggests a balanced reliance on both domestic and international financial engagements.

Savings deposits reached 376.479 billion dirhams by the end of August, compared to around 317.48 billion dirhams at the end of December 2024. Savings in local currency amounted to about 321.761 billion dirhams, while those in foreign currencies totaled around 54.718 billion dirhams, highlighting the preference for local currency in savings.

Regarding time deposits, their value exceeded 1.05 trillion dirhams by the end of August, distributed with 664.669 billion dirhams in local currency and 386.19 billion dirhams in foreign currencies. This distribution signifies a significant trust in both local and international investments over longer periods.