UAE Central Bank’s foreign currency assets rise to Dh326.4b

ABU DHABI

Total foreign currency assets held by the Central Bank of the UAE surged 2.8 per cent during April 2018 to Dh326.4 billion, from Dh317.44 billion during the same month in 2017, as current account balances rose and deposits with foreign banks strengthened, according to figures released by Central Bank of the UAE today.

The foreign assets exclude Central Bank’s Reserve Tranche Position and Special Drawing Rights holdings with the International Monetary Fund.

In the meantime, the Central Bank held-to-maturity foreign securities dropped from Dh140.8 billion in April 2017 to Dh55.18. billion by the end of April 2018, while other foreign assets edged up from Dh6.22 billion to Dh15.7 billion during the same period.

Monetary aggregates, which include currency in circulation outside banks plus monetary deposits and quasi-deposits and government deposits, referred to as M3, increased by around Dh56 billon by the end of April to hit Dh1.534 trillion from Dh1.478 trillion during the same month in 2017.

Government deposits reached Dh221 billion in April, while monetary deposits hit Dh446.7 billion and quasi-monetary deposits stood at Dh795.7 billion.