The Central Bank’s gold balance rises by 35%, and the checks in circulation exceed one trillion dirhams

The UAE Central Bank’s gold balance jumped 34.8% during the first 10 months of last year, reaching 24.464 billion dirhams at the end of October 2024, compared to 18.147 billion dirhams at the end of 2023.

The Central Bank’s gold balance increased by 5.5% during the month of October, or about 1.28 billion dirhams, compared to its level at the end of the previous September, when its balance was 23.185 billion dirhams.

According to the statistical bulletin issued by the Central Bank today, the value of demand deposits grew to exceed 1.078 trillion dirhams at the end of October 2024, of which 781.528 billion dirhams were in local currency.

The value of savings deposits reached 308.239 billion dirhams at the end of October, of which about 259.1 billion dirhams were in local currency, and the value of term deposits reached 926.921 billion dirhams, of which about 541.3 billion dirhams were in local currency.

The statistical bulletin showed an increase in the net international reserves of the UAE banking sector, on a monthly basis, to 1.406 trillion dirhams at the end of October 2024, compared to 1.317 trillion dirhams at the end of the previous September.

In addition, statistics on banking operations issued today also showed that the value of checks circulated using their images exceeded one trillion dirhams during the first 10 months of 2024, recording 1.1 trillion on more than 18,749 million checks during 10 months.

The statistics also showed an increase in the value of transfers carried out in the country’s banking sector, through the UAE Financial Transfer System (UAEFTS), to exceed 16.137 trillion dirhams during the first 10 months of last year.

Transfers through the system were distributed at about 10.16 trillion dirhams carried out by banks, and 5.97 trillion dirhams carried out by customers.

During October alone, the value of bank transfers exceeded 1.12 trillion dirhams, while customer transfers amounted to about 674.5 billion dirhams.

The value of cash withdrawals from the Central Bank from the beginning of the year until the end of October 2024 amounted to about 171.57 billion dirhams, while cash deposits with the Central Bank amounted to about 159.3 billion dirhams.