Media ININ Economy We Trust
Media In – Abu Dhabi – 30 December 2018 and WAM
The net reserves of the UAE banking sector jumped to a record high of AED 404.3 billion at the end of November 2018, an increase of AED 76 billion or 23.1% compared to AED 328.3 billion in December 2017.
The rise in net international reserves reflects the UAE’s reputation as one of the leading financial centers in the Middle East.
An analysis of the figures issued by the Central Bank of the UAE shows that the jump in international reserves was supported by the rise in the net international reserves of banks operating in the country, which reached 60.2 billion dirhams at the end of November 2018 compared with a negative balance of 16.8 billion dirhams in December 2017.
Net reserves of the Central Bank reached AED 344.1 billion at the end of November 2018, an increase of AED 19.1 billion compared to October of the same year.
In accordance with the Central Bank Act and the linkage between the dirham and the dollar, the central bank must maintain adequate reserves of foreign currency in order to maintain currency coverage so that internationally recognized reserve assets should be matched by at least 70% of the currency and demand deposits
