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UAE banks' international reserves hit Dh404 billion

Khaleej Times logo Khaleej Times 01/01/2019
UAE banks' international reserves hit Dh404 billion © Provided by Khaleej Times UAE banks' international reserves hit Dh404 billion

The net international reserves in the UAE banking sector hit an all-time high of Dh404.3 billion by the end of November, up 23.1 per cent of Dh76 billion from Dh328.3 billion during the same month in 2017, according to UAE Central Bank figures.

The growth in net international reserves reflects the UAE's distinctive financial and economic status.

This is driven by a rise in the net international reserves held by UAE-based banks, which hit around Dh60.2 billion by the end of November against Dh16.8 billion in December 2017.

The CBUAE's net reserves amounted to Dh344.1 billion by the end of November, up Dh19.1 billion as compared to October of the same year.

As the UAE currency is pegged to the US dollar, the CBUAE maintains a minimum foreign reserve requirement to ensure its full coverage, holding internationally recognised reserves of at least 70 per cent of the currency in circulation and demand deposits. - Wam

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