11 hours ago
UAE Central Bank Boosts Gold Reserves by Over 19% in Q1 2025
The Central Bank of the United Arab Emirates (CBUAE) significantly increased its gold reserves in the first quarter of 2025, adding AED4.444 billion to reach AED27.425 billion by the end of March—a 19.3% jump from AED22.981 billion at the close of 2024.
The figures, released in the Central Bank's latest statistical bulletin, highlight strong momentum across key banking indicators. Demand deposit balances surged to AED1.147 trillion by March, up from AED1.109 trillion in December. Of this, AED856.062 billion was held in dirhams and AED291.116 billion in foreign currencies.
Savings deposits also saw growth, rising to AED338.788 billion, including AED268.97 billion in local currency. Time deposits climbed to AED991.757 billion, with AED614.854 billion in dirhams and AED376.9 billion in other currencies.
Transfers within the banking system through the UAE Funds Transfer System reached AED5.449 trillion during the first quarter, including AED3.331 trillion in bank-to-bank transfers and AED2.118 trillion in customer transfers.
Cheque activity remained robust, with 5.615 million cheques processed via image clearing, totaling AED351.359 billion. March alone accounted for AED116.712 billion through nearly 1.83 million cheques.
Cash movements also remained strong, with AED63.887 billion withdrawn from the Central Bank and AED47.124 billion in deposits recorded over the three-month period.
News Source: Emirates News Agency
