emirates7 - The Central Bank of the United Arab Emirates (CBUAE) reported a significant 34.8% increase in its gold reserves during the first 10 months of 2024, reaching AED24.464 billion by the end of October. This marked a month-on-month rise of 5.5%, or AED1.28 billion, compared to AED23.185 billion at the end of September.

The CBUAE's Monthly Statistical Bulletin for September also highlighted that the value of demand deposits surpassed AED1.078 trillion by October's end, with AED781.528 billion held in local currency. Savings deposits totaled AED308.239 billion, of which AED259.1 billion was in local currency. Time deposits amounted to AED926.921 billion, with AED541.3 billion in local currency.

The bulletin further reported a rise in net international reserves within the UAE banking sector, which reached AED1.406 trillion by the end of October, up from AED1.317 trillion in September. Additionally, transactions processed through the UAE Fund Transfer System (UAEFTS) exceeded AED16.137 trillion in the first 10 months of the year.

In terms of cheques, the value of those processed through e-images surpassed AED1 trillion, totaling AED1.1 trillion across more than 18.749 million cheques. Cash withdrawals from the CBUAE reached approximately AED171.57 billion, while cash deposits stood at about AED159.3 billion for the year up until October.