UAE banking sector’s net international reserves up 8% in first five months to Dhs 1.236 trillion

Net international reserves of UAE banking sector rose by 8 percent or Dhs 91 billion in the first five months of the year to reach Dhs 1.236 trillion by end of last May from Dhs 1.145 trillion by the end of last year, according to the Monthly Statistical Bulletin - Banking & Monetary Statistics for May 2024, issued by the Central Bank of the UAE (CBUAE) on Monday.

Statistics showed that the CBUAE accounted for Dhs 763.8 billion of the net international reserves of the UAE banking sector by the end of last May, a growth of 13 percent compared with a balance of Dhs 673.42 billion by the end of 2023.

The net international reserves of banks operating in the UAE grew by 1 percent to Dhs 472.68 billion by the end of last May from Dhs 472.2 billion by the end of December 2023.