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12pc SURGE IN JANUARY

Image courtesy: WAM

UAE cbank foreign currency assets top $88bn

ABU DHABI, March 1, 2018

Total currency assets held by the UAE Central Bank (CBUAE) abroad reached Dh326 billion ($88.7 billion) in January, an increase of 12.1 per cent over the same month in 2017, when they stood at Dh290.7 billion, according to official figures.

The surge in the Central Bank's foreign assets were driven by the rise in current account balances and deposits with banks abroad from Dh129.8 billion in January 2017 to Dh254.9 billion in January 2018, reported Emirates news agency Wam.

The foreign assets exclude CB's Reserve Tranche Position (RTP) and Special Drawing Rights holdings with the International Monetary Fund.

With regards to monetary base, it valued Dh358.1 billion by end of January 2018 including reserve requirements at Dh121.1 billion, certificates of deposit at Dh132.4 billion, currency issued at Dh83.2 billion and banks current accounts at CBUAE at Dh21.1 billion, CBUAE data showed.

For the month under review, government deposits, monetary deposits and quasi monetary deposits stood at Dh203.7 billion, Dh429.7 billion and Dh779 billion respectively.




Tags: UAE | Central Bank |

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