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06 Dec

UAE Central Bank's foreign assets up 54.7pc to $62bn

Current account balances and deposits of the UAE Central Bank with banks abroad rose 54.7 per cent or Dh80.8 billion ($22 billion) in the first ten months of the year to Dh228.7 billion ($62 billion) from Dh147.8 billion ($40.2 billion) in the same corresponding period last year, a media report said.

The sustained, robust growth of foreign deposits since January 2017 demonstrates the vibrancy of the country's banking system in general, showed the monitoring mechanism of the foreign holdings, reported Emirates news agency Wam, citing figures released by the Central Bank.

''May 2017 saw the highest rate of growth of 26.6 percent, or Dh45.3 billion, in foreign deposits to Dh215.7 billion as compared to Dh170.4 billion in April,'' the Central Bank noted.

Source: Trade Arabia

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