The central bank’s total international reserves rose to AED 333.19 billion at the end of November compared to AED 324.88 billion at the end of October and AED 313.61 billion at the end of 2016. It increased by AED 8.31 billion in November, with a monthly growth of 2.56% and AED 19.29 billion by 6.15% The first 11 months of 2017.
Central bank statistics showed yesterday that net international reserves rose to 327.71 billion dirhams from 320.22 billion at the end of October and 308.9 billion by the end of 2016. The central bank’s foreign liabilities stood at 5.48 billion dirhams compared to 4.66 billion at the end of October and 4.72 billion dirhams by the end of 2016.
The net international reserves of banks operating in the country amounted to AED 9.83 billion compared to a negative of 5.33 billion at the end of October and a net loss of 50.08 billion at the end of 2016. The net consolidated international reserves of the central bank and banks reached 317.88 billion dirhams compared to 314.89 billion at the end of October and 258.82 billion at the end of 2016.
The reserves cover the country’s needs for all goods and services imports for at least 6.66 months after these reserves covered the country’s imports for 6.5 months at the end of October and 6.27 months by the end of 2016, according to banking experts.
The central bank’s assets of gold bullion rose to 135 billion dirhams at the end of November compared to 129 billion at the end of October and 1.02 billion dirhams by the end of 2016, the statistics showed.
Adding to its gold bullion assets during the first 11 months of 2017 with a value of AED 120 million with a growth of 11.82% while gold reserves rose by AED 6 million in November by 0.53%.
On the other hand, total bank loans to the private sector in the UAE were trillions and 105.12 billion dirhams compared to one trillion and 94.96 billion dirhams at the end of October and trillion and 94.63 billion dirhams at the end of last year.
Private sector loans accounted for 75.33% of total local bank credit, which reached TRILLION and 467.07 billion dirhams against a share of 75.26% of total local bank credit.
The volume of liabilities of foreign banks operating in the UAE at the end of February reached 590.79 billion dirhams, representing 22% of the total liabilities of the banking sector, which accounted for 23% of the total by the end of last year at AED 591.03 billion and 23% at the end of 2015 amounting to AED 580.34 billion.
Total local bank credit granted to residents for all economic activities in the country rose to AED 367.07 billion at the end of last November compared to AED 453.59 billion at the end of 2016 and trillion and AED 381.18 billion by the end of 2015.