UAE Central Bank Forex Reserves up 25pc to $23bn

The UAE central bank's foreign exchange reserves rose to $23 billion this month, up 25 percent from December last year, a central bank official said. 'Foreign exchange reserves at the central bank are $23 billion as of December 2005, versus $18.4 billion

UAE Central Bank Forex Reserves up 25pc to $23bn

The central bank controls only part of the official foreign exchange reserves of the UAE. Other major holders include the investment arms of the emirates' governments.

UAE central bank foreign reserves are held virtually entirely in dollars, but the bank said in July it was looking to convert five percent of its holdings into euros.

Central bank Governor Sultan Nasser Al Suweidi said the bank was still weighing that option.

Speculation that major central banks were looking to trim their dollar holdings reached fever pitch during the dollar's slide against the euro in the three years to 2004, but eased as the US currency regained ground this year.

The UAE dirham is linked to the dollar, like most currencies in the GCC region.

Source: Reuters

Last Mod: 20 Eylül 2018, 18:16
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