CBUAE Foreign Currency Assets Hit AED377 Bn In March

The total foreign currency assets held by the Central Bank of the UAE increased to AED377 bn by the end of March 2019, a growth of 4 percent from AED362.5 bn by the end of the last year, as current account balances and deposits with foreign banks strengthened to AED307.56 bn against AED294 bn in December 2018, according to the CBUAE figures

ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 24th Apr, 2019) The total foreign Currency assets held by the Central Bank of the UAE increased to AED377 bn by the end of March 2019, a growth of 4 percent from AED362.5 bn by the end of the last year, as current account balances and deposits with foreign banks strengthened to AED307.56 bn against AED294 bn in December 2018, according to the CBUAE figures.

The foreign assets exclude CBUAE Reserve Tranche Position and Special Drawing Rights holdings with the International Monetary Fund.

In the meantime, government deposits hiked to AED303.1 bn in March, while monetary deposits hit AED438.1 bn and quasi-monetary deposits reached AED816.6 bn.

The monetary base amounted to circa AED373 bn by the end of March, AED123.1 bn of which is the banks' required reserve, with currency in circulation outside banks hitting AED74 bn, the statistics indicated.