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The bank in its latest figures released on Thursday showed steady growth in gold reserves
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The reserves shot up by nearly seven percent since March
The Central Bank of the United Arab Emirates has reported nearly a seven percent growth in gold reserve for the second consecutive month now, reaching AED 11.56 billion ($3.1 billion) in April this year. In March the gold reserves stood at AED 10.817 billion ($2.90 billion)
The bank in its latest figures released on Thursday showed steady growth in gold reserves for the second consecutive month, after being valued at AED10.481 ($2.85 billion) in February 2021.
According to recent statistics, the value of the Bank’s gold bullion balance reached its highest in December 2020, rising to AED12.862 billion ($3.50 billion). The Bank’s reserves of gold only make up a small percentage of its total balance of foreign currencies, which totaled AED393.78 billion in April 2021.
The Central Bank sold all its gold before 2015, but it began to re-constitute its gold reserves during the same year, as well as its basket of foreign currencies, most notably US dollars and Euros.
