The banking sector’s net international reserves in United Arab Emirates recordings made an impressive growth of 11.1% in the first seven months of 2024. As per figures from the Central Bank of UAE, reserve stood at 1.273 Trillion Dirhams ($346Billion approximately) by July 2024 reflecting an increase of 127.5 Billion Dirhams from deposits registered at 1.145 trillion Dirhams as at December 2023.
As at the end of July 2024 total assets of the institution provided to Central Bank coved 771.6 billion dirhams and increased by 14.6 percent compared to 673.42 billion dirhams as of December 2023. In other news, commercial banks’ net international reserves in the UAE were 501.6 billion dirhams at the end of the year showing a rise of 6.22% from 472.2 billion dirhams at the previous year end.
At the same time, the attained level of the gold reserves of the Central Bank has positively developed, having increased by 23.5% year on year up to 21.28 billion dirhams, starting from 17.226 billion dirhams in July 2023. Also, gold reserves increased by 17.3% to above 18.147 billion dirhams as at the end of 2023. Owing to the banking-related transactions, the volume remitted through the UAE Financial Transfer System in the first seven months of 2024 alone exceeded 11.13 Trillion dirhams with a rise of 17% over the year compared to 9.5 trillion dirhams of such transfers in the same period of 2023.
Inter-month changes experienced in the levels of remittances were extreme peaking at 1.78 trillion dirhams in May and 1.81 trillion dirhams in July.
Furthermore, over the first seven months, the bank has received more than 14 million checks for clearing through image technology amounting to 765.08 billion dirhams. The data obtained from the central bank indicated that cash deposits were 111.4 billion dirhams and total withdrawals were 120.3 billion dirhams during the same timeframe. The healthy growth of the banking segment in the country can be attributed to the positive economic backdrop and increasing trust of the market players in the financial system of the country.
