UAE Banking Sectors Net International Reserves Grow 11% By July 2024

RIYADH: The UAE’s banking sector saw a significant increase in its net international reserves, which rose by 11.1 percent— or 127.5 billion dirhams ($34.3 billion) — during the first seven months of 2024.

By the end of July, the reserves totaled 1.273 trillion dirhams, up from 1.145 trillion dirhams at the close of 2023.

According to the Central Bank of the UAE’s June statistical bulletin, the central bank’s share of these reserves stood at 771.6 billion dirhams at the end of July, reflecting a 14.6 percent increase compared to 673.42 billion dirhams at the end of 2023. Meanwhile, the net international reserves of banks operating in the UAE amounted to 501.6 billion dirhams, marking a 6.22 percent rise from 472.2 billion dirhams at the end of last year.

The bulletin also highlighted a notable increase in the central bank’s gold reserves, which grew by 23.5 percent year on year to 21.28 billion dirhams by July’s end, up from 17.226 billion dirhams in July 2023. Over the first seven months of 2024, gold reserves increased by 17.3 percent, from 18.147 billion dirhams at the close of 2023.

In terms of banking operations, the value of transfers processed through the UAE Financial Transfer System exceeded 11.13 trillion dirhams during the first seven months of 2024, reflecting a 17 percent year-on-year growth from 9.5 trillion dirhams in the same period in 2023.

Monthly remittance values were as follows: 1.512 trillion dirhams in January, 1.449 trillion dirhams in February, 1.565 trillion dirhams in March, 1.592 trillion dirhams in April, 1.78 trillion dirhams in May, 1.42 trillion dirhams in June, and 1.81 trillion dirhams in July.

Additionally, the central bank’s data revealed that the value of cheques cleared via image technology totaled 765.08 billion dirhams across more than 13 million cheques during the first seven months of 2024.

The bulletin also showed that cash deposits at the central bank reached 111.4 billion dirhams during the period, while cash withdrawals totaled 120.3 billion dirhams.

RECENT NEWS

Pakistan, Saudi Arabia Sign Agreement To Boost Cooperation In Public Sector Auditing

ISLAMABAD: Pakistan and Saudi Arabia have signed a Memorandum of Understanding to increase collaboration in public secto... Read more

Closing Bell: Saudi Indices Close In Red At 12,377

RIYADH: Saudi Arabia’s Tadawul All Share Index dropped on Monday, losing 32.84 points, or 0.26 percent, to close at 12... Read more

OPEC+ Reaffirms Commitment To Production Cuts

RIYADH: OPEC+ members reaffirmed their commitment to production cuts aimed at maintaining stability in the global oil ma... Read more

Oil Updates — Prices Gain As Trump Tariffs Stoke Supply Worries

LONDON: Oil prices rose on Monday after US President Donald Trump imposed tariffs on Canada, Mexico and China, raising f... Read more

Banking, Healthcare To Drive 8% Growth In Saudi Stock Market Profits In 2025: SNB Capital 

RIYADH: Saudi stock market profits are set to grow by 8 percent in 2025, with the petrochemical sector driving the incre... Read more

Saudi CMA, Insurance Authority Forge Partnership To Strengthen Sector Oversight

RIYADH: Saudi Arabia’s insurance sector is set to see improved supervision and enhanced growth prospects following a n... Read more