UAE Central Bank assets hit 40-year high of $117bn

Total assets of the UAE Central Bank rise to a four-decade high at the end of March, a growth of 3.5% from the end of 2018
UAE Central Bank assets hit 40-year high of $117bn
By Sam Bridge
Thu 25 Apr 2019 02:07 PM

The total assets of the UAE Central Bank rose to a four-decade high of AED432.6 billion ($117.7 billion) at the end of March, a growth of 3.5 percent from the end of 2018, according to official statistics.

The growth was driven by a rally in deposits to AED133.5 billion by the end of March, up 25 percent from December, state news agency WAM reported.

According to the CBUAE statistics, cash and bank balances at reached AED187.81 billion in March against AED200.9 billion in December while loans and advances were valued at AED3.11 billion.

Separately, the CBUAE said its total foreign currency assets increased to AED377 billion by the end of March, a growth of 4 percent compared to the end of the last year.

Government deposits rose to AED303.1 billion in March, while monetary deposits hit AED438.1 billion and quasi-monetary deposits reached AED816.6 billion.

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.