UAE Central Bank gold reserves rise 26% in five months

The Central Bank of the United Arab Emirates (CBUAE) increased its gold reserves by 25.899 per cent during the first five months of the year to AED 28.933 billion at the end of May, up from AED 22.981 billion at the end of December 2024.

According to the Central Bank’s statistical bulletin issued on Wednesday, the CBUAE's gold holdings rose by 0.49 per month, month-on-month in May, to AED 28.791 billion at the end of April.

Statistics showed that demand deposits also grew, exceeding AED 1.166 trillion by the end of May, compared to AED 1.109 trillion at the end of December 2024. Of this total, AED 892.577 billion were in local currency and AED 74.329 billion in foreign currencies.

Savings deposits rose to AED 359.57 billion at the end of May, up from AED 317.48 billion at the end of December 2024. This included AED 305.508 billion in local currency and AED 54.062 billion in foreign currencies.

Time deposits exceeded AED1billion for the first time by the end of May, including AED614.854 billion in local currency and AED 398.348 billion in foreign currencies.