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CBUAE’s Foreign Currency Reserve Surges To AED329.5 bn In August |
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The total foreign currency assets held by the Central Bank of the UAE surged to AED AED329.5 billion during August from AED326.4 bn in April , as current account balances rose and deposits with foreign banks strengthened to AED260.8 billion against AED255 billion in April, according to figures released by CBUAE today. The foreign assets exclude CBUAE Reserve Tranche Position and Special Drawing Rights holdings with the International Monetary Fund. Monetary aggregates, which include currency in circulation outside banks plus monetary deposits and quasi-deposits and government deposits, referred to as M3, increased by around AED76 billon during the first eight month of the year to hit AED1.557 trillion from AED1.481 trillion in January. Government deposits amounted o AED278 billion in August, while monetary deposits hit AED420 billion and quasi-monetary deposits stood at AED791 billion. In the meantime, the monetary base valued AED354 bn the end of August 2018, including reserve requirements at AED 83.2 billion, certificates of deposit at AED 132.7 bn, currency issued at AED 83.2 bn and banks current accounts at CBUAE at AED14.6 bn. |
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