Net international reserves in the UAE banking sector hit an all-time high of Dh404.3 billion by the end of November, up 23.1 per cent of Dh76 billion from Dh328.3 billion during the same month in 2017, according to UAE Central Bank figures.
The growth is driven by a significant rise in the net international reserves held by the UAE-based banks, which hit around Dh60.2 billion by the end of November against Dh16.8 billion in December 2017.
The CBUAE's net reserves amounted to Dh344.1 billion by the end of November 2018, up 19.1 billion as compared to October of the same year.
As the UAE currency is pegged to the US dollar, the CBUAE maintains minimum a foreign reserve requirement to ensure its full coverage, holding internationally recognized reserves of at least 70 percent of the currency in circulation and demand deposits.
Source: (Al-Arabiya.net, Edited)
