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05 Dec

UAE’s central bank raises gold reserves


 The Central Bank of the United Arab Emirates increased gold reserves during the first 10 months of 2017 by 11.23% to AED 1.129 billion, according to data released on Monday.

The growing geopolitical tension propelled the UAE to increase its gold reserves, which represent a safe haven for countries and protect economies from expected volatile conditions, market analyst Mohammed Abdullah told Mubasher.  

The central bank’s endeavour to recreate the gold reserves is a good step toward diversification of investments and risks, Abdullah added. 

Source: Mubasher


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