2024-05-01 22:25:16
Youssef Al Bustanji (Abu Dhabi)
The net international reserves of the UAE banking sector increased by 5.8% in the first two months of this year to reach 1.215 trillion dirhams ($331 billion) at the end of February 2024, up from 1.147 trillion dirhams ($331 billion) at the end of February 2024. dirhams ($312 billion) at the end of 2024. December 2023, according to statistical data released yesterday by the Central Bank of the Emirates.
The UAE Central Bank’s net international reserves increased by 5% in two months and reached 707.3 billion dirhams ($192.5 billion) at the end of February 2024, up from 673.4 billion dirhams ( 183.3 billion dollars) at the end of December 2023.
According to the Central Bank Law, the bank’s net international reserves at the end of February 2024 exceed the mandatory minimum reserve requirement by more than 225 billion dirhams ($61 billion).
The net international reserves of banks operating in the country increased by 7.2%, an increase of 34.2 billion dirhams, to reach 507.6 billion dirhams ($138.2 billion) at the end of February 2024, compared to 473.4 billion dirhams ($128.9 billion) at the end of February 2024. at the end of December 2023.
The UAE Central Bank maintains the majority of its international reserves in US dollars, given the dirham’s peg to the dollar.
It should be noted that the increase in the Central Bank’s net international reserves reflects the increase in the balance of payments surplus (the government’s total account), which includes the current account, the capital account and the financial account. , including the foreign trade balance and total transactions of goods and services with foreign markets.
The increase in the net international reserves of the Central Bank shows an improvement in the competitiveness of the national economy in its relations with external markets, in particular an improvement in national exports, an increase in the attractiveness of the local market for foreign tourists , an increase in the flow of foreign direct investments to the state and an increase in financial transfers entering the country’s local market. The international reserves of the Central Bank are distributed between 467.6 billion dirhams in current accounts, balances and deposits belonging to the Central Bank with banks abroad, and 189.4 billion dirhams in foreign investments, in addition to 14, 65 billion dirhams in special drawing rights from the International Monetary Fund. , and 51 billion dirhams of other unclassified assets.
There are 62 banks operating in the UAE, including 23 domestic banks with 489 branches, 21 payment offices and 46 electronic banking units, in addition to 39 foreign banks, including 28 banks licensed to carry out all banking activities in the country , and 11 merchant or wholesale banks, with 72 branches, a payment office and 21 electronic payment service units at the end of February 2024.
Around 38,173 employees work in the banking sector (62 banks), including 30,863 employees in domestic banks and 7,310 employees in foreign banks.
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