Media ININ Economy We Trust
01-05-2019 Media in\ Abu Dhabi
The net reserves of the banking system in the UAE / banks and central bank / about 423.3 billion dirhams during the first quarter of 2019, an increase of 69 billion dirhams compared to the same quarter of 2018.
The net increase in net reserves came as a result of the increase in net reserves of AED 375 billion at the end of March compared to AED 331.4 billion in March 2018, according to the latest figures published by the Central Bank of Egypt.
Central bank figures show that the balance of loans and financial facilities provided by banks to the private sector increased to AED 1.16 trillion at the end of March 2019, an increase of 39 billion dirhams in the same month of 2018, reflecting the continued activity in various economic sectors. The facilities were provided by national banks.
On the other hand, the Central Bank of Egypt’s gold bullion stood at AED 1.143 billion at the end of March 2019 compared to AED 1.134 billion in March 2018.
The rise in the central bank’s gold balance since the beginning of this year as a result of the improvement in the price of the yellow metal during the last period.
It is noteworthy that the Central Bank abandoned several years ago the formation of a reserve of gold, but returned again during the year 2015 to form reserves, but it does not constitute a large proportion of the total reserves in foreign currencies .. Which is considered by many specialists that the bank’s possession of gold targeted investment only.
