218% growth of the Central Bank’s possession of gold to 12.8 billion dirhams – Economic – UAE economy

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The balance of the Central Bank of gold bullion increased to 12.862 billion dirhams, by the end of last December, an annual increase of 218%, or 8.8 billion dirhams, compared to 4.04 billion dirhams in December 2019, while it rose on a monthly basis by 20%, compared to 10.702 billion last November. .

According to the monitoring of the “economic statement” of the statistical bulletin of the central bank for November, this is the largest value recorded since 2015, the date of the entry of gold into the assets of the “central”, after the central decision at that time, to return to the formation of gold reserves for the first time in 8 years, in addition to the basket of reserves from foreign currency.

Gold is included among the various assets owned by the Central Bank, including: liquid funds, certificates of deposit, and securities held to maturity.

In another context, the Central Bank’s assets increased to 470.5 billion dirhams at the end of last December, as a result of the increase in cash and bank balances to about 332.25 billion dirhams, while the balance of current accounts and deposits increased to 192 billion dirhams, and the total capital and reserves reached 26.66 billion dirhams.

The money supply “M1” increased by 2.7%, from 584.5 billion dirhams at the end of November, to 600 billion dirhams at the end of last December, as a result of an increase of 3.6% in cash deposits (84.2% from “N1”), despite a 2% decrease in cash in circulation. Outside the banks, while the money supply “N2” increased by 2%, from 1450.2 billion dirhams at the end of November, to 1478.5 billion at the end of December, due to the rise in M1, and a 1.5% increase, by 12.8 billion dirhams in quasi-cash deposits.

The money supply “M3” also increased by 0.1%, from 1768 billion dirhams at the end of November, to 1769.3 billion dirhams at the end of December, as a result of the increase in the money supply “N1” and “N2”, despite a decrease of 8.5%, by 27 billion. Dirhams in government deposits with commercial banks and the Central Bank.

The Central Bank stated that during last December, the monetary base recorded an expansion of 6.2%, as a result of a 5.1% increase in the mandatory reserves of banks, and a 57.1% increase in the surplus reserves of banks and other financial institutions, despite a 3.1% decrease in the issued cash, and by 8% in the held certificates of deposit. At the banks.

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