UAE Central Bank's foreign assets hit record high

The UAE Central Bank's foreign assets surpassed AED 760 billion for the first time in history by the end of May 2024, according to the bank's latest statistics.

This growth in foreign assets is primarily attributed to a substantial rise in bank balances and deposits with foreign banks, which surged 46.2% year-on-year to AED 529.01 billion by the end of May 2024, up from AED 361.78 billion in May 2023.

On a monthly basis, these balances increased by 4%, or AED 20.2 billion, from AED 508.78 billion in April 2024.

The bank’s statistics revealed a monthly increase of 2.19%, rising from AED 750.29 billion in April to AED 766.73 billion in May 2024, marking a significant jump of AED 16.4 billion.

On a year-on-year basis, the central bank's foreign assets grew by 30%, climbing from AED 590.19 billion in May 2023, which translates to an impressive increase of AED 176.5 billion over the past year.

During the first five months of 2024, assets rose by 12.56%, or AED 85.6 billion, from the end of 2023's AED 681.15 billion.

Foreign securities held within the central bank's assets also saw an uptick, reaching AED 185.56 billion by the end of May 2024, an 8.5% increase from AED 171.03 billion in May 2023, and a modest monthly rise of 0.89%, equivalent to AED 1.6 billion, from April 2024.