The net international reserves of the UAE banking sector increased by 7.74% during the first quarter of this year, reaching a total of 1.235 trillion dirhams ($336.5 billion) at the end of March 2024. This is an increase of 88.73 billion dirhams compared to December 2023, according to statistics issued by the Central Bank of the Emirates.
On an annual basis, the net international reserves increased by a significant 36.46%, equivalent to an additional 195.235 billion dirhams compared to March 2023. This growth can be attributed to both the increase in current accounts and balances with foreign banks as well as foreign investments made by these banks.
The Central Bank also contributed significantly to this growth, with its net international reserves increasing by 8.5% during Q1 of 2024, reaching a total of 730.68 billion dirhams at the end of March 2024, compared to December 2023’s figure of 673.41 billion dirhams. This represents an increase of approximately 57 billion dirhams on a year-over-year basis and highlights the financial stability and strength of the UAE economy in this area.
