UAE’s gold reserves drop by AED 24 bln in February

The UAE Central Bank's reserve of gold bars amounted to AED 1.165 billion by the end of February 2018, down by AED 24 billion from AED 1.189 billion in the previous month.

The central bank had decided in April 2017 to resume gold holdings, in addition to the foreign currency basket, after it dropped out from the World Gold Council’s list of gold reserves at world banks.

UAE Central Bank’s foreign holdings rose by 10 percent year-on-year (YoY) in February to AED 340 billion, according to data compiled by Argaam.