ABU DHABI
The value of the UAE Central Bank’s reserves of gold bars rose to around Dh1.72 billion during the first quarter of 2018, a growth of 6.6 per cent from Dh1.099b during the corresponding period 2017.
Statistics issued by the bank showed that its reserves of gold grew exponentially since 2015, which is the year when it decided to resume its reserves of gold and foreign currencies, most notably the US dollar and other major currencies.
Statistics show that CBUAE’s gold holdings went through some ups and downs during the first quarter 2018, rising during the first month of the year to Dh1.189 billion, before declining to Dh1.165 billion in February, eventually rebounding to a three-year high of Dh1.72 billion in March.
In 2015, the UAE decided to resume its reserves of gold and foreign currencies, after it dropped out from the World Gold Council’s list of gold reserves at world banks, and since then the value of the yellow metal increased consistently.
