Central Bank of the United Arab Emirates consolidates on the road to success
The Central Bank of the United Arab Emirates (UAE) announced that total foreign assets reached a record Dh500.51 billion ($136.3 billion) at the end of January. This represents a monthly increase of 1.34%, marking the first time in history that the UAE central bank has reached this level of foreign assets. This new figure reflects the Central Bank's commitment to the development of the national economy, and positions the UAE as a regional economic powerhouse.
The Central Bank has seen a significant increase in its foreign assets over the past year, with a growth of 7.8%. This equates to an increase of $9.8 billion, with a total of $126.48 billion in external assets. This is mainly due to the increase in bank balances and deposits in banks abroad, which increased at a monthly rate of 0.18%, reaching a total of USD 85.6 billion. This shows that the Central Bank has been investing in foreign assets, which will surely contribute to economic growth and improved financial stability.
This information shows that the country's banking sector has benefited from the economic reforms implemented by the government, and the innovations have resulted in a significant increase in cash deposits. This in turn means that financial stability and security have improved in the country. It is therefore a positive sign for the banking sector, as it is an indicator of the financial health of the economy. In addition, the increase in cash deposits has also provided the government with additional support to continue implementing economic reforms.
Cash deposits provide a source of liquidity for the government, enabling it to finance important projects and programmes. The increase in cash deposits is definitely a sign of investor confidence in the banking sector and the government.
The Central Bank reported that cash deposits increased in January this year by 1.53% to USD 2.67 billion. In addition, semi-cash deposits also grew by 12.9%, reaching some 263.53 billion dollars. This represents a significant increase from $173 billion last December. The results show the growth of the UAE economy and its ability to attract more investment. In addition, semi-cash deposits are a good option for those looking for a safe form of investment in the UAE market. These deposits offer a higher interest rate than others in the market, which makes them attractive to those with the intention of saving for the long term.
The security of semi-cash deposits is also a good advantage, as the Central Bank guarantees deposits of up to Dh1 million. Moreover, semi-cash deposits offer flexibility to investors, as customers can withdraw their funds at any time without prior notice. This means that savers have the freedom to invest at the right time without the worry of losing their savings. Semi-cash deposits are therefore a safe and profitable form of investment in the UAE market as they offer a higher interest rate than other investments, while ensuring the safety of savings and offering flexibility to withdraw funds without prior notice. These features make semi-cash deposits an attractive option for those looking to save for the long term.