The UAE's central bank's net foreign currency reserves rose by 4.7 percent (AED 16.73 billion) in the first five months of this year to AED 375.17 billion at the end of May, supported by a surge in foreign exchange at the central bank during the month, during which the net foreign reserves increased by 3 percent (an increase of 10.96 billion dirhams).
The improvement of international currencies’ reserves of the UAE Central Bank comes with the improvement in the state resources of oil exports denominated in US dollars, and the improvement in the activities and services of the tourism and entertainment sector. The increase in the net reserves of the international currencies of the Central Bank has contributed to the reduction of the net decrease in the foreign exchange reserves in the banking sector in the country as a whole.
The UAE reserves rose during March and April, easing the decline in reserves during the first five months of this year. The net foreign reserves of the UAE declined by 1.2% from AED 418.1 billion to 410.3 Billion dirhams.
Source (Al-Khaleej Newspaper UAE, Edited)
