The monthly report of the UAE Central Bank showed that the value of the bank’s gold possession increased by about 15 percent, and by 1.35 billion dirhams, during the month of last October, to reach 10.31 billion dirhams, compared to 8.96 billion dirhams in September 2020. On an annual basis, the increase reached 231.5 percent, as the value of gold possession at that time amounted to about 3.11 billion dirhams.
The increase in the value of the UAE Central Bank’s holdings of gold since the beginning of this year has reached approximately 155 percent, as the value of the holding at the end of December 2019 was about 4.04 billion dirhams.
Global central banks are working to enhance their gold reserves, as a safe haven in times of crisis, whereas, the UAE Central Bank had begun to significantly increase its gold holdings since August 2019; as it raised the value of its holdings by 56% to 2.24 billion dirhams, compared to 1.43 in July of the same year. Deposits also continued their remarkable decline since the beginning of the year; where it recorded a decrease of nearly 6 percent last October to reach 624.72 billion dirhams, compared to 663.9 billion dirhams in September 2020. While the decline in the total value of deposits in the banking sector reached 15.4% since the beginning of this year.
Source (Al Khaleej UAE newspaper, Edited)
