UAE’s gold reserves increased by nearly 25.9 per cent during the first five months of the year.
The Central Bank of the United Arab Emirates (CBUAE) said the value of gold held by the country increased to AED 28.933 billion (US$7.88 billion) at the end of May, up from AED 22.981 billion (US$6.26 billion) at the end of December 2024.
According to the Central Bank’s statistical bulletin issued on Thursday, the CBUAE’s gold holdings rose by 0.49 per cent month-on-month in May.
Demand deposits also grew, exceeding AED 1.166 trillion (US$320 billion) by the end of May, compared to AED 1.109 trillion (US$300 billion) at the end of December 2024. Of this total deposit, AED 892.577 billion (US$243.04 billion) were in local currency and AED 274.329 billion (US$74.7 billion) in foreign currencies.
Savings deposits rose to AED 359.57 billion (US$97.91 billion) at the end of May, up from AED 317.48 billion (US$86.45 billion) at the end of last year. This included AED 305.508 billion (US$83.19 billion) in local currency and AED 54.062 billion (US$14.72 billion) in foreign currencies.
Time deposits exceeded AED 1 trillion to AED 1.013 trillion (US$275.9 billion) for the first time by the end of May, including AED 614.854 billion (US$167.42 billion) in local currency and the rest in foreign currencies.
