ABU DHABI / WAM
The UAE Central Bank’s reserve of gold bars amounted to AED1.129 billion by the end of October, a growth of 11.2% from AED1.015 billion by the end of 2016. The month of April saw the CB resuming gold holdings after eight years during which the banks’ reserves were confined to a foreign currency basket, primarily US Dollar in addition to a portfolio of selected currencies.
The current reserve of gold bars accounts only for a minimal amount of the bank’s total foreign currency reserve, which surged to AED322 billion by the end of October. According to official statistics released by the Central Bank, gold assets have been growing since the beginning of the year, though sales increased at the time gold prices were in a remarkable hike.