The gold reserves of the UAE Central Bank (CBUAE) surged by 34.8 percent during the first 10 months of 2024, reaching AED24.464 billion ($6.66 billion) by the end of October 2024.

This represents a month-on-month increase of 5.5 percent, or AED1.28 billion ($348.5 million), bringing the total gold reserves to AED24.464 billion compared to AED23.185 billion at the end of September.

Demand deposits exceed AED1 trillion

According to the CBUAE’s Monthly Statistical Bulletin for September, the bulletin indicated that the value of demand deposits exceeded AED1.078 trillion at the end of October, of which AED781.528 billion were in the local currency.

It added that the savings deposits reached AED308.239 billion, of which approximately AED259.1 billion is denominated in the local currency. Furthermore, time deposits have reached AED926.921 billion, with around AED541.3 billion in local currency.

Net international reserves rise

The statistical bulletin revealed a monthly increase in the net international reserves of the UAE banking sector, reaching AED1.406 trillion at the end of October, compared to AED1.317 trillion at the end of September.

The bulletin also revealed a significant increase in the value of transactions processed within the country’s banking sector via the UAE Fund Transfer System (UAEFTS), exceeding AED16.137 trillion in the first ten months of this year.

The statistics also indicated that the value of circulated cheques, based on their e-images, exceeded AED1 trillion during the first 10 months of 2024, reaching AED1.1 trillion over more than 18.749 million checks.

Furthermore, the value of cash withdrawals from the CBUAE from the beginning of the year until the end of October reached approximately AED171.57 billion, while cash deposits with the central bank amounted to around AED159.3 billion.