CBUAE Gold Reserves Grow 12.6% Year-on-Year by March 2024

CBUAE Reports 12.6% YoY Increase in Gold Reserves by March 2024

Abu Dhabi: The value of gold reserves held by the Central Bank of the UAE (CBUAE) reached Dh19.615 billion by the end of March 2024, demonstrating a substantial year-on-year (YoY) growth of 12.6 percent compared to Dh17.41 billion in March 2023. This remarkable increase reflects the country’s strategic efforts to enhance its gold holdings and stabilize its financial reserves.

The apex bank, in its latest figures released on Friday, highlighted a significant month-on-month increase in gold reserves as well. The reserves rose by 9.8 percent from Dh17.86 billion in February 2024 to Dh19.615 billion in March 2024, indicating a robust monthly growth trend. This monthly uptick underscores the UAE’s commitment to strengthening its monetary base and diversifying its assets.

Over the past few years, the UAE’s gold reserves have witnessed impressive growth. At the end of 2019, the reserves were valued at Dh4.044 billion, showcasing a dramatic rise from Dh1.134 billion in 2018. This long-term increase is a testament to the UAE’s proactive measures in bolstering its economic stability and securing its position as a significant player in the global financial landscape.

The consistent growth in gold reserves over the years underscores the Central Bank’s strategic vision and its effective implementation of policies aimed at enhancing financial security. This growth trajectory not only reflects the UAE’s economic resilience but also highlights the importance placed on gold as a key component of the country’s financial reserves.CBUAE Gold Reserves Grow 12.6% Year-on-Year by March 2024