The UAE Central Bank’s gold balance rose for the second month in a row to reach 12.638 billion dirhams at the end of last March, an increase on an annual basis by 16.8 percent, or the equivalent of 1.82 billion dirhams, compared to 10.817 billion dirhams in March 2021.
Data of the statistical bulletin issued by the Central Bank showed an increase in the central bank’s balance of the yellow metal on a monthly basis by 1.3%, or the equivalent of 162 million dirhams, compared to 12.476 billion dirhams in February 2022.
The Central Bank’s balance of gold increased by 6.1%, or the equivalent of 725 million dirhams, during the first three months of this year, compared to about 11.913 billion dirhams at the end of December 2021.
It is noteworthy that the Central Bank's balance of gold has witnessed a remarkable growth during the past years, rising from 8.961 billion dirhams at the end of 2020, and 4.044 billion dirhams at the end of 2019, and 1.134 billion dirhams at the end of 2018. Gold is among the various assets owned by the Central Bank, including liquid funds, certificates of deposit, and held-to-maturity securities.
Source (Emirati Gulf Newspaper, Edited)
