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Tue 18 Dec 2018 09:16 AM

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UAE Central Bank's foreign currency assets hit $94.28bn

The UAE's monetary base has also expanded 6 percent to an 11-month high

UAE Central Bank's foreign currency assets hit $94.28bn

Total foreign currency assets held by the UAE’s Central Bank stood at AED 346.3 billion in November ($94.28 billion) against AED 327 billion ($89 billion) in October 2018, according to new figures released by the CBUAE on Monday.

The figures also indicated that credit account balances and deposits with foreign banks strengthened to AED 275.6 billion against AED 256.3 billion.

The foreign assets exclude CBUAE Reserve Trance Position and Special Drawing Rights Holdings with the International Monetary Fund.

Monetary aggregates, which include currency in circulation outside banks plus monetary deposits and quasi-deposits and government deposits – referred to as M3 – continued to increase in November and hit approximately AED 1.593 trillion against AED 1.566 trillion in October.

Government deposits amounted to AED 305.1 billion in November, while monetary deposits hit AED 409 billion and quasi-monetary deposits stood at AED 809 billion.

Additionally, the CBUAE statistics show that the UAE monetary base expanded 6 percent to an 11-month high of AED 371.6 billion at the end of November, compared to AED 350.6 billion at the end of October.

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