In a significant development, the Central Bank of the UAE (CBUAE) has reported a remarkable increase in its foreign assets, marking a historic milestone in the nation’s financial landscape. According to recently released statistics, the total foreign assets of the CBUAE surpassed AED 700 billion by the end of February 2024, reflecting an impressive rise of AED 203 billion over the past year.
This surge represents a monthly increase of 2 percent, with foreign assets rising from AED 695.04 billion in January 2024 to AED 708 billion in February 2024, amounting to an increment of AED 13 billion within a month.
The annual growth of the CBUAE’s foreign assets stands at a remarkable 40.2 percent, compared to AED 505.1 billion recorded in February 2023, indicating an increase of approximately AED 202.9 billion over the span of 12 months. Moreover, since the beginning of the current year, there has been a 4 percent increase, amounting to AED 27 billion, compared to approximately AED 681.15 billion at the end of 2023.
Driving this surge are the increased current account balances and deposits with overseas banks, which have witnessed a significant annual increase of 51 percent, reaching AED 467.56 billion by February 2024, compared to around AED 309.9 billion in February 2023.
Foreign investments within the CBUAE’s foreign assets have also experienced substantial growth, reaching approximately AED 189.37 billion in February 2024, marking a year-on-year increase of about 28.9 percent from AED 146.9 billion in February 2023.
Additionally, other foreign assets of the Central Bank amounted to AED 51.12 billion by February 2024, reflecting an annual growth of approximately 5.8 percent compared to around AED 48.31 billion in February 2023.
It’s worth noting that the reported foreign assets exclude CBUAE’s Reserve Tranche Position (RTP) and SDR Holdings with the IMF, emphasizing the scale of the Central Bank’s financial standing.
The surge in foreign assets underscores the Central Bank’s pivotal role in bolstering the UAE’s financial stability and further cements its position as a key player in the global economic landscape.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
30th April, 2024
Article and News Disclaimer
The information provided on www.serrarigroup.com is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
www.serrarigroup.com is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
In no event will www.serrarigroup.com be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.
The articles, news, and information presented on www.serrarigroup.com reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.
The content on www.serrarigroup.com may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, www.serrarigroup.com takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.
By using www.serrarigroup.com, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website.
www.serrarigroup.com, reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.
Serrari Group 2023
